Shufersal Invests $130 Million in New Jerusalem Mixed-Use Development
Translated & summarized from Maariv by baba
Shufersal and the Tidhar Group have signed a NIS 460 million (approximately $130 million) deal to develop a mixed-use complex in Jerusalem's Talpiot neighborhood. The project will include housing, commercial space, and a new Shufersal branch, with construction plans approved but a building permit still pending. This venture is part of Shufersal's strategy to leverage its real estate holdings.
The story in 5 lines · by baba
- Shufersal and Tidhar Group are investing NIS 460 million in a new Jerusalem development.
- The project will create a 35,000 square meter mixed-use complex in Talpiot.
- The development includes residential units, long-term rentals, commercial space, and a Shufersal store.
- A city building plan is approved, but a construction permit has not yet been obtained.
- This is Shufersal's first real estate collaboration with Tidhar Group.
Retail giant Shufersal is embarking on a significant real estate venture in Jerusalem, partnering with the Tidhar Group for a project valued at approximately NIS 460 million (about $130 million). The development will transform a plot of land owned by Shufersal in the Talpiot neighborhood into a large, multi-use complex.
The agreement is a combination deal where Tidhar will manage the project's construction and, in return, will receive a portion of the rights to the land and the built spaces. This marks the first real estate collaboration between Shufersal and Tidhar.
The planned complex will encompass around 35,000 square meters of residential areas, long-term rental housing, commercial spaces, and employment zones. Notably, it will also feature a new Shufersal supermarket branch. The project aims to revitalize the area by integrating various functions within a single development.
While a city building plan (Taba) for the site has been approved, spearheaded by Shufersal's real estate arm, the companies have not yet secured a building permit. The combination deal allows them to proceed with detailed planning and licensing processes. The timeline for the start and completion of construction has not been disclosed.
For Shufersal, this initiative is part of a broader strategy to develop its real estate assets alongside its core retail operations. The companies indicated that while future collaborations are possible, the current binding agreement is exclusively for the Jerusalem project.
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