Major Jerusalem Development Project Owned by Late Israeli Millionaire Albert Benin Up for Sale
A significant development complex in central Jerusalem, slated to be one of the most important built in the coming decade, is being put up for sale by the estate managers of the late Israeli millionaire Albert Benin. The starting bid for the approximately 10-dunam (2.5-acre) property, located between Jaffa, HaNevi'im, and Raoul Wallenberg streets, is 420 million shekels (approximately $113 million USD). The site has approved zoning for two residential towers, hotel facilities, commercial spaces, and public buildings, alongside the preservation of 19th-century structures. Benin's estate managers estimate the complex's value at half a billion shekels.
Albert Benin, a Jerusalem resident who died childless in 1999, amassed considerable land holdings in the city. He bequeathed this particular plot to the United Jewish Appeal of New York (UJA). Proceeds from the sale are designated for a scholarship fund for Israeli students. The sale is being managed by attorneys Oren Persky, Yitzchak Mallow, and Gil Ephrati from the law firm A.S. Shimron, I. Mallow, Persky & Co.
The approved zoning plan, which took effect in 2023, permits the construction of two residential towers of 29 and 31 stories, containing 295 apartments, and hotel facilities with around 200 rooms. The total main floor area is approximately 50,000 square meters, allocated for residential (25,000 sqm), hotel (10,000 sqm), and commercial (14,000 sqm) use. A separate adjacent plot with approval for a third residential tower is not included in this sale.
The new construction will integrate with several historic buildings slated for preservation, including Beit Navon, the 19th-century Kaminetz Hotel, and the Pasha's House. These preserved structures are intended for hotel, commercial, and employment purposes. The development is expected to be a central urban hub, partly due to the planned heavy rail station that will connect directly to the complex, extending from Yitzhak Navon station towards the city center. Developers must adhere to agreements with Israel Railways, as land for the station has already been sold to the state and construction has commenced.
The sale follows years of planning processes initiated by Benin himself, who instructed his estate managers in his will to continue the development. The deadline for submitting offers is December 3, with bidders required to provide a guarantee of 35 million shekels.
