1,500 New Homes in 8 Towers South of Talpiot, Near Givat Hamatos

Under the agreement reached, all of Shikun & Binui's areas in Kiryat Yovel near Beit Taylor, including the buildings, will become the property of the Jerusalem Municipality and will be used as green areas and public institutions. In return, the company will receive land south of Talpiot, in the area near Givat Hamatos, where Shikun & Binui owns private land, for the construction of approximately 1,500 homes in 8 towers in total.

"All along the way we were guided by a line of thinking focused on keeping the area as a green space that serves the community," says Jerusalem Mayor Moshe Leon. "On this point we were not willing to give up. On the other hand, we understood the ownership rights and business interests of Shikun & Binui, alongside the need to add housing units to the city, in line with the vision under which nature and the environment will not be harmed until every option for building through evacuate-and-rebuild urban renewal, and high-rise construction along the light rail routes, has been exhausted."

Tamir Cohen, CEO of Shikun & Binui, said: "The agreement balances the interests of Jerusalem's residents and, at the same time, preserves the economic value of the land we own. We were pleased to put together a solution through creative thinking and cooperation with the Jerusalem Municipality. The new neighborhood to be built will be a pioneering neighborhood in the city, in a central area close to entertainment centers. We are convinced that the plan will be approved shortly and will bring benefit to the city's residents, who will be able to enjoy the good news."

City Engineer Yoel Eben stated that "the mayor made it clear all along that we cannot give up the green areas, which are so important for Kiryat Yovel, for the neighborhood community, for all the city's residents, and for the city itself."