A cornerstone ceremony for the Jerusalem western entrance project will be held today. Investment in the project is expected to total NIS 10 billion, including NIS 1.4 billion in government investment. Two years ago, the housing cabinet approved the project, which will cover 211 dunam (52.75 acres) around Binyanei Hauma.
Minister of Transport Yisrael Katz, Jerusalem Mayor Nir Barkat, and Minister of Environmental Protection Zeev Elkin will attend the ceremony. Eden the Jerusalem Center Development Company is responsible for overall management of the project, and Moriah Jerusalem Development Corporation is responsible for its engineering management.
The eight-year project includes the construction of 230,000 square meters in industrial space, 130,000 square meters of hotels, and 49,000 square meters in commercial, entertainment, and leisure space. 24 buildings will be constructed, including 14 skyscrapers with at least 24-floors each and nine buildings with 36-floors. Binyanei Hauma will be renovated and expanded.
The new site will create an estimated 40,000 jobs, and 65,000 people will pass through the entrance daily.
Besides the commercial construction, there will be major transportation projects, in addition to the existing central bus station and the central railway station currently being under construction. The first stage of the project includes the digging of a tunnel under Shazar Blvd. for a five-storey parking lot with 1,300 parking places and separation between different levels. The light railway will travel on the same level as the road, while vehicles will travel through the tunnel.
Two light railways stations will be built in the area: one for the existing line and one of the planned 19.5 kilometer Green Line connecting the Gilo neighborhood with southeastern Jerusalem and Mt. Scopus by way of Givat Ram, Binyanei Hauma, and Bar Ilan St. In June, the District Planning and Building Committee approved the Green Line, which is designed to carry 150,000 passengers daily starting in 2023.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2016
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