NTM Commercial and Industrial Real Estate has been chosen to market the Walworth Barbour American International School in Israel compound in Kfar Shmaryahu. NTM plans to market the site as a single unit for $23 million. An Urban Building Plan (UBP) for nineteen 400-sq.m. houses on the site was approved in January 2004.
When the UBP was approved, the American International School paid a $2 million betterment tax to the Kfar Sharmayahu council for rezoning the land for residential construction. Six dunam (1.5 acres) of the land is zoned for public use and roads. In addition, the Kfar Shmaryahu council will received two one-dunam (0.25-acre) plots for public use. If it wishes, the council can sell one of these two plots, and rezone it for residences.
One dunam of land in Kfar Shmaryahu is assessed at approximately $1.25 million, depending on location.
The owners of the American International School recently bought 70 dunam (17.5 acres) in Even Yehuda, on which they will build a new school. In addition to a school building, they have undertaken to build sports fields for the residents. Construction sources predict that building a school in Even Yehuda is likely to increase demand and prices for houses in the town.
Kfar Shmaryahu council head Shmuel Ben Tovim previously said that the school had caused traffic disturbances and noise, which had harmed nearby residents. He also stated that vacating the school would increase municipal property tax revenue, since the school paid a low municipal tax rate. Ben Tovim further stated that the revenue from the betterment tax could be used for a new sewage system in the town, and to renovate its old commercial center.
Published by Globes [online] - www.globes.co.il - on February 6, 2005