The Jerusalem Local Planning and Building Commission has permitted construction of a 16-storey high-rise.
The Tirat Bat-Sheva hotel on King George St. in downtown Jerusalem, was sold to US investors for $11.2 million, not including VAT, in an auction held by its receiver. Adv. Amnon Lorch represented the US investors.
Bank Hapoalim (LSE:BKHD; TASE:POLI) has a lien on the lot, owned by Rehavia Land. The eight-storey hotel has 80 rooms, mostly leased to the Jewish Agency. Attached to the hotel is a four-storey rented house and a parking lot.
The receiver acted unusually to rezone the lot from hotel to residential use, combining the two lots. The Jerusalem Local Planning and Building Commission has permitted construction of a 16-storey high-rise with 80 apartments and a 10,000-sq.m. commercial frontage. The decision is subject to approval by the regional planning and building board.
Published by Globes [online], Israel business news - www.globes.co.il - on July 12, 2005