ICR Advances Three Major Urban Renewal Projects in Central Israel
ICR, part of Israel Canada and Raam Residences, says it has made major progress on three large urban renewal projects in Rishon Lezion, Lod and Jerusalem. Together, the schemes are expected to add thousands of new homes and turn older housing clusters into modern neighborhoods with residential, commercial, employment and public areas.
In central Rishon Lezion, on Rothschild Boulevard near the light rail route and a future metro station, ICR is promoting a strategic eviction and reconstruction plan. Nine aging buildings with 107 apartments, shops and storage spaces will be demolished, replaced by about 375 homes in six buildings, including three residential towers of about 35 stories. The project also includes around 8,000 square meters of commercial and employment space and about 46,000 square meters for housing, with expected revenue of about NIS 850 million.
In Lod, ICR was chosen by residents of the David HaMelech complex in the Hsichon G neighborhood to lead a large-scale renewal project on roughly 20 dunams. Seven old rail-style buildings containing 164 apartments will be cleared for about 782 new units in five towers of 24 to 33 stories plus mid-rise construction, alongside about 1,300 square meters of retail space and public facilities. Expected revenue is estimated at about NIS 1.5 billion.
In Jerusalem’s Kiryat Menachem neighborhood, ICR entered as the lead partner after buying 70% of the project rights in New Island. The 17-dunam site now has 128 old apartments and is slated for about 700 new homes, commercial and office space, schools and 217 long-term rental units. Expected sales value is about NIS 2 billion. CEO Harel Peretz said that recent years showed, “a protected home is no longer a luxury but a basic need,” adding that ICR aims to provide safer, modern housing connected to future transportation systems. The company said the projects reflect a shift toward creating complete residential districts, not just replacing old buildings.
