These are the largest deals transacted in lots in Jerusalem for a long time.
Israel Land Development Corporation (ILDC) is to purchase the Bor Shiber and Even Sapir lots in the city centre from the Jerusalem Municipality for $13 million. The parties recently reached agreement on the deal. These are the largest deals transacted in lots in Jerusalem for a long time.
The one dunam (0.25 acre) Bor Shiber lot is located on Ben-Yehuda Street, next to Frumin House, the old Knesset building on which the Knesset candelabrum was positioned for many years. Thirty years ago, the Municipality expropriated a series of lots in the area, including Bor Shiber and Even Sapir, from ILDC. The Municipality sought to sell the lots several years ago. ILDC sued the Municipality, on the grounds that the expropriation was permitted for public purposes. A compromise was reached whereby ILDC would receive first right of refusal to purchase the two lots.
ILDC will pay $5.9 million for Bor Shiber and $5.9 million for the Even Sapir lot (behind Hamashbir Lezarchan). These amounts are not final, and may be subject to certain modifications. ILDC intends to put up 15 to 30 storey residential, commercial and office towers on the two lots.
Published by Israel's Business Arena July 4, 1999