Shufersal and Tidhar to Build 30-Story Tower in Jerusalem's Talpiot
Translated & summarized from Globes by baba
Shufersal's subsidiary, Urbanavi, and Tidhar have agreed to build a 30-story tower and a 9-story mixed-use building on a 5.61-dunam plot in Jerusalem's Talpiot neighborhood. The project is expected to yield around 240 apartments and 12,000 square meters of commercial space, with Shufersal anticipating a 50 million shekel pre-tax profit. The deal includes a cancellation clause for Tidhar if profitability targets are not met.
The story in 5 lines · by baba
- Shufersal's subsidiary and Tidhar will build a 30-story tower and 9-story mixed-use building in Jerusalem.
- The project is expected to include approximately 240 apartments and 12,000 square meters of commercial space.
- Shufersal anticipates a pre-tax profit of 50 million shekels from the development deal.
- The plot is located in Jerusalem's Talpiot neighborhood on a 5.61-dunam site.
- Tidhar has the right to cancel the deal if profitability falls below a set threshold.
Shufersal's wholly-owned subsidiary, Urbanavi Investment Company, has signed a combination agreement with Tidhar Real Estate Initiative and Investment for a 5.61-dunam plot in Jerusalem's Talpiot neighborhood. The agreement is for the construction of a 30-story tower and a 9-story mixed-use building. Shufersal estimates the project will include approximately 240 apartments and 12,000 square meters of rental space, projecting a pre-tax profit of 50 million shekels from the deal.
The plot, located at the intersection of Pierre Koenig and Poalei Tzedek streets, is currently used primarily as a vehicle parking lot and features an old commercial structure. Urbanavi had previously advanced plans to demolish the existing building and erect the new residential and mixed-use structures. The initial plan proposed 184 regular housing units and 80 rental apartments, but Shufersal's announcement indicates a revised total of around 240 apartments, with about 56 designated for rent, suggesting a reduction in rental units compared to earlier proposals.
The project also encompasses roughly 12,000 square meters for commerce and employment. According to the combination agreement, Urbanavi's minimum share in the project is set at 38% for residential, 41% for commerce, and 35% for employment. Based on this, Shufersal anticipates a pre-tax profit of approximately 50 million shekels. However, the agreement includes a clause allowing Tidhar to cancel if profitability falls below a specified threshold and Urbanavi refuses to reduce its share.
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