Shufersal (TASE: SAE) real estate unit Orvani Investment Co. has signed a land for housing units agreement with Tidhar Group (TASE: TDHR) for a 5.61 dunam lot (5,610 square meters) in Jerusalem’s Talpiot neighborhood. On the site, Tidhar will build a 30-floor tower and a 9-floor mixed use building. Shufersal reports that the tower will contain 240 apartments and 12,000 square meters of commercial space for rent and it expects a NIS 50 million pre-tax profit.
The lot is at the corner of Pierre Koenig and Poalei Tzedek Streets, most of which is currently used as a parking lot and an old commercial building. In late 2024, advanced a plan to demolish the existing commercial structure and replace it with the 30-floor and a 9-floor buildings.
The plan allows for the construction of 184 residential units and 80 rental apartments. However, in a filing with the TASE, Shufersal said the project is will include about 240 apartments, of which about 56 are for rental, indicating a reduction in the units intended for rent. The project also includes 12,000 square meters for commercial and office space.
Under the combination agreement signed between Orvani and Tidhar, the subsidiary’s minimum share in the project is set at 38% for residential space, 41% for commercial space, and 35% for office space.
However, the agreement contains a clause allowing Tidhar to cancel the deal if profitability falls below a specified threshold and Orvani refuses to reduce its share in the project.
Published by Globes, Israel business news - en.globes.co.il - on November 9, 2026.
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