NIS 1b approved for Jerusalem's entrance

Jerusalem Int'l Congress Center
Jerusalem Int'l Congress Center

The site is zoned for industry, commerce, housing, hotels, and public buildings.

The housing cabinet has approved the development agreement for the Western entrance to Jerusalem. The agreement includes NIS 1.4 billion in state financing for developing the 211- dunam (52.75-acre) site at the entrance to the city. The site is zoned for industry, commerce, housing, and public buildings. In the framework of this site, 230,000 sq.m. will be marketed for industry, 130,000 sq.m. for hotels, and 49,000 sq.m. for commerce, entertainment, and leisure, plus the enlargement of public areas such as the Binyanei Ha'ooma auditorium, which will become an international convention center, and the Zionist archives area. Even before the plan, a central transportation area will be built that will include a central bus station, two light railway stations (for the existing line and a future line), an interurban station currently under construction (the Jerusalem-Tel Aviv fast rail link), and a park and parking lot with 1,300 parking spaces.

The plan includes construction of 12 towers zoned for industry, offices, hotels, and culture on the Shazar traffic artery (parallel to Jaffa Rd.), Herzl St., and Rabin Blvd. The plan also provides for construction of a compound for government offices. The new hotel areas will add 2,000 hotel rooms to the city.

Under the agreement signed today, government ministries and the Jerusalem municipality will pay for the transportation projects.These involve two main tasks: building a park and parking lot at a cost of NIS 600 million and construction of two separate levels of Shazar St at a cost of NIS 450 million. The Ministry of Transport will provide NIS 500 million for these project, and the Israel Land Authority NIS 550 million.

Minister of Housing and Construction and Israel Land Authority chairman MK Uri Ariel said today, "This is an important decision that will turn the old jam packed entrance to Israel's capital into a modern, accessible, and convenient entrance."

Minister of Finance Yair Lapid said, "I think that all parts of the government believe in a strong Jerusalem and in promoting Jerusalem as a leading, innovative, and modern capital. We'll continue promoting the area, and housing possibilities in it, because our hope is that the people coming to work in this industrial zone will also live in the area."

Jerusalem Mayor Nir Barkat said, "In recent years, Jerusalem has become more and more attractive to investors from Israel and overseas, and the new business zone at the entrance to the city will add substantial force to Jerusalem's development."

Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Jerusalem Int'l Congress Center
Jerusalem Int'l Congress Center
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