Company Regions Announces the signing of a combination agreement at 60 Makor Haim Street (Lot 4, Block 30130), in one of the most sought-after neighborhoods in Jerusalem, Makor Haim. The plot is located between Makor Chaim and Horseshoe streets. The area of the plot is 1,835 square meters and according to the combination agreement, Azorim will purchase 55% of the value of the land, provided that the owner plans to build and build on the land the owner units that reflect 45% of the value of the land, after approval of an improvement city building plan. , It will apply to the aforementioned real estate and to the adjacent Plot 3.
In accordance with the provisions of the master plan that currently apply to the land, a 23-story residential building can be erected that will include up to 114 housing units, 1,550 square meters of commercial space, approximately 2,500 square meters of employment space, approximately 1,300 square meters of sports and leisure areas and 500 Sq.m. Public buildings. The company estimates that the expected investment cost in the project is expected to amount to approximately NIS 153 million (excluding VAT) and the expected revenue volume in the project is approximately NIS 176 million (excluding VAT).
Adv. Uri Lombroso From the firm of Adv. Y. Lambrozo represented the landowners, and Adv. Teri Daloya from the firm of Adv. Dahan & Daloia represented the Azorim Company.
This transaction joins a series of deals recently signed by Azorim in the Jerusalem area on land at the Pat, Har Nof and Beit Hakerem junctions, along with other projects that are in the process of urban renewal led by the company in the city of Jerusalem. The Har Nof neighborhood is located south of the city of Jerusalem, in the area of the sought-after Ghost Valley near the Railway Park and is characterized by a convenient and strategic location in the city.
Ron Avidan, CEO of Azorim: “We welcome the agreement in the desired neighborhood, Makor Chaim joins a series of significant agreements signed only recently in the city of Jerusalem. The neighborhood is already in significant momentum and development and we expect that in light of the neighborhood’s renewal, it will enjoy high demand. As a major investment and development target, it is leading a number of projects, including urban renewal, that appeal to a diverse target audience. The future project is expected to be of great value to both the region and the Jerusalem target audience. Focusing on areas of demand. ”
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