Ashtrom Group will build two high-rise residential towers next to the Mahane Yehuda market in Jerusalem, for a buyers group, the representatives of the group have decided. The joint announcement by Ashtrom and BSR for the buyers group said that the project will cost NIS 340 million. The project will be built in the 7,600 square meter Etz Haim lot, which is currently a car park adjacent to the Mahane Yehuda market. Construction on the project will start soon with completion and occupation scheduled for four and a half years time.
The project will have two 30-floor towers with 308 apartments and six-floors of underground parking.
In May 2019, BSR purchased a six month option to develop the project from the landowners, who include a company controlled by Amir Biram, who also manages the JTLV real estate fund.
BSR owners and chairman Nachshon Kivity said, "This is the first venture that BSR is building in Jerusalem in the format of a buyers group. BSR Mahane Yehuda will be built at the highest point in Jerusalem with an open view of the city center, the Old City, Sacher Park and more."
The land in Jerusalem also includes plans to build a hotel for which construction has already begun. The landowners signed a 25 year lease with Fattal Hotels, who will operate the hotel, which will have eight-floors and 170 rooms. BSR is also involved in that contract, providing supervision and management services, while construction is being carried out by a Jerusalem building contractor.
According to the deal, Fattal will receive the building as a shell and take responsibility for finishing work and interior design. The hotel's architect is Ian Bader of New York architects Pei Cobb Freed and Partners. The Israeli architect is Motti Kassif from the Barely Levitzky Kassif (BLK) architects firm.
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2020
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