Shufersal and Tidhar Partner for Jerusalem Mixed-Use Project
Translated & summarized from Ice by baba
Shufersal Group and Tidhar Group are jointly developing a mixed-use project in Jerusalem's Talpiot neighborhood, involving residential, rental housing, employment, and commercial spaces. The estimated investment is NIS 460 million, with Tidhar constructing the project in exchange for land rights. The project is in the detailed planning stage, aiming to create an integrated urban complex. This partnership leverages Shufersal's land assets and Tidhar's development expertise.
The story in 5 lines · by baba
- Shufersal Group and Tidhar Group are developing a mixed-use project in Jerusalem's Talpiot neighborhood.
- The project involves residential, rental housing, employment, and commercial spaces on Shufersal-owned land.
- The estimated investment for the development is approximately NIS 460 million.
- Tidhar Group will construct the project in exchange for a share of the land and built space rights.
- The project is currently in the detailed planning phase, seeking a building permit.
Shufersal Group's real estate arm, LARO Real Estate, is partnering with the Tidhar Group to develop a mixed-use project in the Talpiot neighborhood of Jerusalem. The collaboration involves a combination deal for a residential, rental housing, employment, and commercial project on land owned by Shufersal.
Tidhar Group will construct the project in exchange for a share of the rights to the land and the built spaces. The estimated investment for the project is approximately NIS 460 million. A previously approved urban building plan (Taba) for the site, spearheaded by LARO Real Estate, allows for residences, long-term rental housing, and commercial and employment areas.
The project is currently in the detailed planning phase, nearing the application for a building permit. It aims to create an urban complex integrating residential units, long-term rental apartments, and commercial and office spaces. Following the deal's finalization, LARO Real Estate and Tidhar Group will continue the planning and licensing processes.
Shlomi Amir, Co-CEO of Shufersal Group, highlighted the synergy between Shufersal's retail and real estate operations, stating that LARO Real Estate is working to realize the potential of the group's assets and create new growth engines. He added that the partnership with Tidhar, a leading real estate group, will facilitate a high-quality complex suited to community needs and urban development.
Uri Levin, CEO of Tidhar Group, echoed Amir's sentiments, viewing the collaboration as an opportunity to connect properties with potential to valuable projects. He noted that this expands Tidhar's operations through partnerships with strong entities and identifying opportunities where the whole is greater than the sum of its parts. Tidhar has extensive activity in Jerusalem and believes in its potential, intending to continue its work there by applying its experience in complex project execution.
