Building blocks: Luxury complex going up in Russian compound

Slated for construction are some 100 upscale residential units in two nine-story.

By GAIL LICHTMAN, GIL STERN STERN ZOHAR
Russian compound 88 (photo credit: )
Russian compound 88
(photo credit: )
Luxury housing complex going up in Russian Compound A new luxury, gated community is taking shape where the bars on Rehov Monbaz once stood, near the Russian Compound. Real estate giant Africa Israel Properties Ltd. is building on the site bound by Rehov Hanevi'im on the north, Rehov Monbaz on the west and Rehov Heleni Hamalka on the south. Slated for construction are some 100 upscale residential units in two nine-story, terraced buildings surrounding a private, enclosed courtyard. The project, titled Hanevi'im Court, was designed by noted architect Arthur Spector of Spector-Amisar Architects, and will include such amenities as an on-site synagogue, a health club/spa with private pool and underground parking. In addition to the residential units, Hanevi'im Court will also include stores and a commercial area along Rehov Monbaz and in two preserved historic buildings on Rehov Heleni Hamalka. Hanevi'im Court is expected to generate $127.6 million in sales, an average of more than $1m. per unit. The complex is one of five residential projects, totaling 900 residential units, that Africa Israel is currently developing in the Jerusalem area. An additional downtown project is slated for Rehov Harav Kook. There the company plans to build a 130-unit residential complex, in nine-story buildings, next to the Ticho House. Other projects include 400 units in 10- to 22-story buildings in Arnona, 160 units in five terraced buildings in Romema and 90 units in five seven-story buildings on Rehov Ahad Ha'am in Rehavia. Africa Israel expects to begin construction on Hanevi'im Court in October 2008 and complete it in October 2011. For Harav Kook, building is scheduled to begin in March 2009 and finish sometime in 2011. Jaffa Road hotel project approved The Regional Planning Committee last week approved the construction of an office and hotel project on the south side of Jaffa Road near the western entrance to the city where the temporary Egged Bus Station was formerly located while the new central bus terminal was being built. The developers' request for residential development of the site was rejected, notwithstanding that the site faces the prestigious Mishkenot Ha'uma housing project at the corner of Sderot Shazar and Sderot Nordau. The committee decision permits construction of buildings of a maximum of 12 floors for stores, offices, institutions and an apartment hotel. Under the committee's ruling, the existing buildings at the site will be preserved as a trade-off for granting the developers additional building rights. The project is one of a number of major developments proposed along the Jaffa Road light rail scheduled to open in 2010.