Nofei Hama'ayan, owned by a group of real estate investors, among them Hanoch Kess, Benny Rachimi, and the Baliti family, is promoting a commercial project at the entrance to Mishor Adumim. The project involves a 72 dunam (18 acres) site purchased by the group from a number of committees. The investors won some of the land in a tender by the Israeli Government Custodian of Government and Abandoned Property in Judea and Samaria, and the company bought two other plots from companies that won similar tenders in the past. Investment in the land, including taxes, totaled NIS 45 million.
The rights to the sites include possible construction of a 60,000-sq.m. commercial complex, and the company plans to push for a project involving a total investment of NIS 350 million. As of now, the company is in the planning stage before the submission of a request for a building permit. The company says that according the plans, the project is slated to includes an event halls area, a home shopping area, restaurants, and entertainment for children and families, plus another area for furniture, design, electrical appliances, and ceramics stores.
At the same time, the company is also promoting another idea, in which a 35-meter observation tower overlooking the project will be built, with a revolving restaurant. In this context, the company said, "The company is currently in advanced negotiations to construct the tower. If the negotiations are successful, construction of the tower will require an estimated NIS 15 million investment." The company added, "We have noticed that Jerusalem lacks a shopping complex that can supply all people's needs, like the large shopping complexes overseas. We have therefore decided to accept the challenge, and give Jerusalem and all the residents of the area a single giant shopping complex."
Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2016
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