Capital Gold Secures Majority for Jerusalem Urban Renewal Project
Translated & summarized from Behadrei Haredim by baba
Capital Gold has secured the necessary homeowner approvals for a major urban renewal project at Paran Street 16 in Jerusalem's Ramat Eshkol neighborhood. The "pinui-binui" project will replace a 24-unit building with a new 87-unit complex, offering homeowners expanded living space, parking, and storage. The company is now advancing planning and zoning, aiming for a swift completion. This development highlights the ongoing demand and renewal efforts in the desirable Ramat Eshkol area.
The story in 6 lines · by baba
- Capital Gold secured majority homeowner signatures for a 87-unit urban renewal project in Jerusalem's Ramat Eshkol.
- The "pinui-binui" project at Paran Street 16 will replace a 24-unit building.
- Homeowners will receive larger apartments, parking, storage, and a sukkah balcony.
- The company is advancing planning and zoning for the project.
- Ramat Eshkol is a sought-after Jerusalem neighborhood with high demand for housing.
- Capital Gold is a leading developer of luxury apartments in Jerusalem.
Capital Gold has announced it has secured the required majority of homeowner signatures for a "pinui-binui" (evacuation-construction) urban renewal project at Paran Street 16, near the Ramat Eshkol neighborhood in Jerusalem. The existing building, which contains 24 apartments, will be replaced by a new residential complex featuring 87 units. Each homeowner in the original building will receive an additional approximately 25 square meters of living space, a parking spot, a storage unit, and a sukkah balcony. Concurrently with securing homeowner agreements, the company has been preparing zoning plans and advancing the project's planning stages. The project is designed by architect Rachelle Ben Haim. Homeowners are represented by attorney Shmuel Sussman, and the company by attorney Banky from Lambrozo & Co. Ramat Eshkol is described as one of Jerusalem's most sought-after neighborhoods, with consistently high demand for apartments, attracting both local buyers and foreign investors. The neighborhood's appeal stems from its unique resident mix, quality of life, central location within Jerusalem's Haredi areas, and proximity to religious institutions, synagogues, community services, major transportation routes, and a light rail station. Capital Gold, a prominent developer of luxury apartments in Jerusalem, recognizes the neighborhood's potential and is undertaking projects there with high design and finishing standards. The combination of an established neighborhood and ongoing urban renewal is making "pinui-binui" projects in Ramat Eshkol particularly desirable.
Daniel Yagudiev, Deputy CEO of Urban Renewal at Capital Gold, stated, "As a company leading urban renewal in Jerusalem, and specifically in Ramat Eshkol, we are proud to add Paran 16 to our significant portfolio in the area. Reaching the required majority reflects the homeowners' great trust and is a direct result of professional, transparent, and thorough work throughout the process. We thank the residents, the representative committee, and the homeowners' attorney Shmuel Sussman for their trust and fruitful cooperation. Planning and zoning work is already underway, and we are determined to bring the project to swift realization and provide residents with new, spacious apartments built to Capital Gold's uncompromising standard. All of Jerusalem is undergoing tremendous renewal, and we are proud to continue leading it." Attorney Shmuel Sussman, representing the homeowners, commented, "Reaching the required majority is a significant milestone, reflecting the homeowners' trust in the project and allowing us to advance to the planning stage. The process was conducted in full cooperation between the company, the residents' committee, and the residents' supervisor, ensuring homeowners fair compensation and full security. Throughout the process, we held resident meetings and individual consultations with homeowners and their families, ensuring availability and personal attention to each resident. It has been proven again that professionalism, availability, and personal attention to each resident are the guarantee for the project's successful execution. We thank Capital Gold for its cooperation, attentiveness, and commitment to the residents, and are confident the project is in good hands."