One of the benefits of the plan is creating a new "commercial front" for Herzl street, the municipality said, which will "strengthen its image as an urban and vibrant street."
The agreement will see some 5,000 new housing units and commercial and industrial centers built in the city.
After Supreme Court upholds transfer of 98-year leases for two historic inns in Jerusalem’s Christian Quarter, hoteliers face eviction
Israel Land Authority CEO Yanki Quint speaks in a special interview about the housing crisis and criticism of the government plan.
There is concern that the upcoming Israeli elections will significantly reduce construction and lead to further increases in housing prices across Israel.
Clal Insurance and Finance entered into an agreement with the Hagag Group to purchase 75% of the land on which two shopping centers and residential buildings will be built.
Brown Hotels Collection started as an Israeli boutique hotel group, with stylish urban hotels in Tel Aviv and Jerusalem, and rapidly transformed into an international hospitality collection.
Bet Shemesh Engines, managed by the Pimi Fund, is expected to generate a capital gain of $125 million before taxes. This is for vacant land totaling an area of 15 hectacres.
"We have invested tens of millions of shekels in developing projects in the city, we have never been given the feeling of entrepreneurs being welcome," the Real Estate group said.
The Port Tower Hotel will be Isrotel’s first to open in 2022 in Tel Aviv.