Jerusalem Infrastructure Revolution Aims to Create Thriving Business Hub

Yehuda Saban, CEO of Eden, the company for economic development in Jerusalem, presented a significant infrastructure overhaul planned for the city at the Globes and Bank Leumi Israel Real Estate Conference. Eden, owned by the Jerusalem Municipality, operates two branches: one developing urban business centers, including at the city's entrance, and another focused on private funding for energy facilities and parking lots.

Saban highlighted the new business district at the city's entrance, which aims to integrate Jerusalem's existing strengths in academia, culture, government, and small businesses with a major commercial hub. He emphasized that improved transportation is crucial for this development, citing the fast train, the Red Line, and two other upcoming lines that will connect the business district to a national transportation network. The largest parking lot managed by Eden, located near the central bus station, will also serve the area.

Several companies, including Ashtrom, Amot, Israel Canada, and B.S.R., are involved in marketing the project. Saban also pointed to future opportunities in the Avraham Shapira Street area, near the National Insurance Institute and Begin Boulevard. A major project, a 40-story tower with 78,000 square meters of built space, is planned near a train station, with potential for conversion to residential use.

Saban noted that the government will offer significant tax breaks and grants to businesses relocating to Jerusalem. He believes these developments, combined with the city's existing assets and improved accessibility, will create a critical mass necessary for Jerusalem to become a thriving business center, overcoming the challenges that previously led businesses and residents to move to central Israel.