New large urban-renewal project for Kiryat Hayovel
The estimated cost of construction is NIS 650 million, with expected revenues of NIS 800m.
By JERUSALEM POST STAFFReal estate market(photo credit: Courtesy)
ICR Israel Canada Rem Residence plans to build an urban-renewal project with 480 housing units in Jerusalem’s Kiryat Hayovel neighborhood.After collecting signatures from the required 80% of owners of property at the building site, an important milestone in the project was completed on Monday.The plan, which was approved by the district committee, is spread over an area of about 0.95 hectares (9.5 dunams). It includes the evacuation of 12 residential buildings of 138 housing units. In their place, construction of 480 housing units will begin in four 25-story towers facing Ein Kerem with commercial and public areas.The estimated cost of construction is NIS 650 million, with expected revenues of NIS 800m.The complex is under the direction of architect and project planners Ari Cohen-Guy Igra Architecture and Urban Planning. It is located on Arthur Hantke Street near the light-rail station.“This is another flagship project that the company will build in Jerusalem, following other successful projects that the company has already carried out in the city, such as J Tower, which was built at the intersection of Jaffa Streets and AUI,” ICR Israel Canada Rem Residence CEO Mordi Shabat said in a press release. “ICR is a leading player in the field of urban renewal in Israel and operates in selected cities, including Bat Yam, Herzliya, Givatayim, Yehud and Jerusalem.”
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