Azorim Real Estate and Egged Real Estate have signed an agreement to develop a residential and commercial project above an electric-bus parking facility in Beit Shemesh, with an estimated total investment of about 300 million shekels, excluding the land value. The deal was signed over the weekend and was led by Egged Real Estate chairman Yair Pines and Azorim CEO Adi Dana.
This is the first time Egged Real Estate has partnered with an outside developer for a residential project, and it is Azorim’s first venture in Beit Shemesh as part of its wider geographic expansion. For Egged Real Estate, the partnership is part of a broader effort to enhance assets in its portfolio. The project will rise on an Egged-owned lot on Derech HaHayim Street in eastern Beit Shemesh, a site that currently serves only transportation needs.
The plan, first reported by Calcalist in September, added residential and commercial uses to the existing transport designation. The city’s hilly topography made it possible to separate bus access from the residential entrance. The public transport terminal and the parking area for about 20 electric buses will be entered from the back of the complex, while residents will use a separate entrance. A parking garage for residents will sit beneath the housing buildings.
Above the terminal, two residential towers will be built. The first two floors will include garden apartments, above them there will be a lobby facing a new street to be built on the other side of the site, and along that street a commercial promenade will be developed, topped by seven more residential floors. The 4-dunam site received a new zoning plan in August 2025, less than a year after the planning process began. The project includes 117 apartments, about 300 square meters of retail space, about 1,100 square meters of public space, a 6,500-square-meter private car park and an underground, covered, electrified bus depot of about 3,000 square meters. Overall, it includes about 10,500 square meters of main residential area and about 4,680 square meters of service area. The project will proceed under a joint-development, or combination, agreement in which Azorim will handle detailed planning, financing, construction, marketing and apartment sales, while Egged contributes the land. The companies will split the proceeds according to their agreement.
