Oron Real Estate and Midar Secure Majority for Major Jerusalem Urban Renewal Project

Oron Real Estate and Midar have secured the necessary majority of apartment owners to advance their joint urban renewal project in Jerusalem's Kiryat Menachem neighborhood. The project, located on Island Street 1-7, is the first joint demolition and reconstruction initiative by the companies and has also progressed in the planning process with an official zoning file opened. The plan involves demolishing 84 existing housing units and replacing them with approximately 400 new apartments, including towers up to 40 stories high, pending planning approvals. The new apartments will range from two to six rooms, including special units, and will offer residents an additional 34 square meters of space, balconies, storage, and parking.

Kiryat Menachem, established in the late 1950s in southwest Jerusalem, is undergoing extensive urban renewal aimed at modernizing old residential buildings and upgrading infrastructure and public spaces. The project site on Island Street, inaugurated in 1966 during a visit by Iceland's then-president, benefits from proximity to public transportation, the light rail, commercial centers, educational institutions, and open spaces.

Legal representation for the apartment owners includes the law firms Hartavi Bornstein Bason, Weinstein Wolfson, and attorney Eyal Shalev. Midar's Vice President and owner, Ze'ev Greenberg, emphasized that achieving the majority reflects owners' trust and enables the project to move forward, highlighting the potential for significant neighborhood revitalization and improved living standards. Oron Real Estate's Vice President for Urban Renewal, Sima Maor, noted the importance of the majority for advancing statutory planning processes and stressed the project's role in enhancing security, infrastructure, and overall quality of life in the aging neighborhood.