287 Apartments and 1,300 Square Meters of Commercial Space

According to the plan, prepared by architect Amit Mendelkorn of the O2A architecture firm, two old railway buildings that house 72 apartments will be demolished and replaced by two towers with 287 new apartments. In addition to the residences, a commercial floor of 1,280 square meters is planned, as well as an elementary school in the complex.

The Beit Yerushalmi (BY) and IsraCap Grand groups said they expect to receive the permit to begin work within a few months. The project's tenants are represented by attorney Roy Alkalai of the Eli Tusiya Cohen & Co. law group, and the Beit Yerushalmi and IsraCap Grand groups are represented by the ERM law group.

The Beit Yerushalmi Group (BY) is one of the leading business groups promoting evacuate-and-rebuild and development projects in Jerusalem, with a portfolio of more than 11,000 housing units in more than 50 complexes across the city. In the Katamonim neighborhood alone, the group is initiating and building more than 1,200 new apartments in several complexes. Recently, Beit Yerushalmi also announced that it received a permit for excavation and shoring work at the complex on Hashomer Street, which will include approximately 240 housing units when completed.

In addition, the Beit Yerushalmi Group (BY) is promoting its flagship project, currently at the permit stage, "Katamon Towers", located between Bar Yochai and Elmaleh streets, where four luxury towers with approximately 700 apartments are planned. The four towers, two of 40 floors and two of 20 floors, are at advanced planning stages.

Moshe Ragovei, Director of the Urban Renewal Department at the Beit Yerushalmi Group (BY): "We thank the residents of the complex who chose us to lead another project in the Katamonim neighborhood, and we are proud to be among the companies leading the neighborhood's renewal revolution, which includes improving its appearance and renewing its infrastructure and, most importantly, the quality of life of its longtime residents."

Attorney Roy Alkalai, who represents the complex's tenants: "The achievement we reached, in which, in a short time, 100 percent of the apartment owners signed the agreement, the city plan was approved and a permit application was submitted, is an extraordinary result of full cooperation among everyone involved in advancing the project, from the rights holders to the team of consultants, who made it possible to advance an optimal agreement quickly and efficiently that guarantees an excellent outcome for the tenants."

Gabriela Cohen, a tenants' representative: "The project has been underway for five years already, and we are glad the signing phase is complete and that we are moving toward evacuation. These are dilapidated buildings that are more than 60 years old and are no longer fit to live in. I am very happy for the 72 tenants and the families who deserve to live properly. On this occasion, I would like to thank the people of the Beit Yerushalmi Group (BY) for their great cooperation, for keeping all their promises, and for taking care to improve living conditions and to handle the repairs that need to be done in the building, even though they are not actually obliged to do so until evacuation, in order to give us a sense of security."

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