Electra to build Jerusalem entrance park and ride lot

Jerusalem underground park and ride lot / Photo: PR

The underground park and ride lot beneath Shazar Boulevard will have 1,370 parking spaces.

Electra Ltd. (TASE: ELTR) has been selected to build an underground 'park and ride' lot beneath Shazar Boulevard at the western entrance to Jerusalem. The project is worth NIS 320 million. The underground lot will have 1,370 parking spaces, on different levels, and an underground pedestrian passageway. Construction work will begin next month, and is slated for completion within 42 months. The Ministry of Transport and the Jerusalem Municipality initiated the project, for which municipal companies Moriah Jerusalem Development Corporation and Eden the Jerusalem Center Development Company are responsible.

Since 2015, Moriah Jerusalem has been in charge of construction of the 250 meter long Shazar tunnel highway at the Western entrance to the city from the Chords Bridge to the junction with Agrippas Street. The tunnel has two levels: the Jerusalem light rail Green Line and bus routes will travel on the upper level and vehicles traveling to and from the city on the lower level. Construction of the tunnel has been completed, and efforts are now being directed to construction of the parking lot, which will be the main public parking lot in the area. 

The project follows other projects won in the past year by Electra, managed by president and CEO Itamar Deutscher, through Electra Infrastructure and Electra Construction. These include infrastructure work on track 431 for Israel Railways (NIS 385 million), construction work on the Landmark Tel Aviv high-rise project (NIS 715 million), expansion of the biological treatment facility at the Dan Region Sewage Reclamation Project (Shafdan) (NIS 605 million), adding a lane to Road 20 (Aylalon Highway in Tel Aviv) as part of the fast lanes project (NIS 430 million), and construction of the Amdocs campus in Ra'anana (NIS 330 million). Electra finished the first nine months of 2019 with NIS 5.14 billion in revenue, 15% more than in the corresponding period in 2018, and an increase in profit from ongoing activity to NIS 225 million.

Published by Globes, Israel business news - en.globes.co.il - on January 12, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Jerusalem underground park and ride lot / Photo: PR
Jerusalem underground park and ride lot / Photo: PR
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