Jerusalem Approves Major Urban Renewal Project on Borochov Street

The Jerusalem District Planning and Building Commission has approved a zoning plan for a significant urban renewal project on Borochov Street, advancing the demolition and construction initiative.

The project, jointly promoted by Hachsharat HaYishuv Urban Renewal and Blilious Company, will transform 46 existing apartments and 8 commercial units into approximately 190 new residential units. This represents a more than fourfold increase in housing density within the complex.

Under the plan, three existing buildings will be demolished to make way for a 25-story tower and a 10-story building. The development will also include commercial spaces, public facilities, and shared areas for residents. Approximately 75% of the property rights holders have agreed to the project, which has also received support from the Local Committee.

Developers anticipate construction could begin in 2027. This project is the first of over a dozen urban renewal sites Hachsharat HaYishuv is advancing in Jerusalem, collectively comprising around 4,500 apartments. The company is also a significant player in similar projects in Tel Aviv, Kiryat Yam, Ramla, and Haifa.

The Borochov Street project is part of an investment agreement between Hachsharat HaYishuv and Menora, which has expanded its exposure to the company's urban renewal activities with an investment of up to hundreds of millions of shekels. The approval of the zoning plan provides greater planning certainty, enabling the project to move towards detailed planning, permits, and construction readiness. For the developers, this marks a transition from a lengthy planning process to one that brings them closer to revenue from new apartment sales. For residents, it signifies progress toward receiving new apartments in modern buildings.