The Israel Land Administration (ILA) tender for three main lots in the Jerusalem Gateway project, the planned business, commercial and residential district at the western entrance to the city, will close next week. The three lots cover 10.3 dunams (2.575 acres) opposite the Binyanei Ha'Uma International Convention Center.
The Jerusalem Gateway project will include offices, stores, hotels, apartments and cultural, leisure and entertainment facilities. One of Israel's most important national projects, the plan calls for the creation of a bustling urban environment, stressing quality of life, with an emphasis on public transport lanes, pedestrian areas and bicycle paths.
The three lots will include construction of two 40-floor towers and one eight-floor tower. ILA has set a minimum price of a bid of NIS 113.5 million, not including VAT, for the lots plus NIS 53.2 million for development costs including VAT.
Judging by the number of enquiries that the ILA has received about the tender, several bids by consortiums of developers are expected and the winning bid is expected to be well above the minimum bid required.
Published by Globes, Israel business news - en.globes.co.il - on November 20, 2022.
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