In the tenants’ tender to advance a evacuation-reconstruction project on HaAri Street in the upscale Rehavia neighborhood in Jerusalem, Bemuna Urban Renewal reports that it has won a project planned to demolish approximately 18 existing apartments in a typical Jerusalem building and construct 20–22 new units, totaling 40 units. The number of interested foreign residents in the area is steadily increasing. Prices are approaching Tel Aviv levels, with expected sales between NIS 70,000 and 80,000 per square meter.
Ram-El Lavi, the company’s Vice President of Urban Renewal, said: “This is a unique project in the heart of the Rehavia neighborhood. The plan will be based on the existing urban outline of the neighborhood, preserving the character of Jerusalem. On the other hand, we are pleased to act to upgrade the quality of life for the residents and provide them with a new home in an improved community environment. Residents will benefit from enlarged apartments, an underground parking lot, storage rooms, new balconies, and a very detailed technical specification.”
The legal representation for the developer is provided by Radiano Batat Law Office and the owners’ attorney, Eli Toussia Cohen.
Israel Zeira, the company’s CEO, added: “The current project on HaAri Street joins the company’s smaller projects on Elazar Ben Yair Street, Derech Hebron, and Yissakhar Street in the Baka neighborhood. It is a great privilege to help Jerusalem flourish. Jerusalem is a unique city with enormous potential, and this project is another significant step in the city’s development and strengthening.”