Sales Volume Estimated at NIS 380 Million
By Jacki Wiluzanski · · Updated · 2 min read
Israel-Europe, owned by Elad Afargan, and the company Donitz-Elad report today that they have won a tender to advance an urban renewal project at 4-6 Nurit Street in the Ir Ganim neighborhood, Jerusalem.
The company intends to advance a mixed-use project that includes demolishing 35 existing apartments in two old buildings and building in their place two 20-floor towers with approximately 160 new residential units above a commercial floor. The apartment mix includes apartments of 2 to 5 rooms and penthouses.
The company estimates that the project's sales volume will be approximately NIS 380 million. Apartment prices will start at approximately NIS 2.1 million.
As part of the agreements with the apartment owners, long-term residents will receive additional space for their existing apartment, a sun terrace, private parking and a storage room. The company notes that "everything is in accordance with the planning that the city engineer and the planning department of the Jerusalem Municipality will approve." The project's planning was entrusted to the Jerusalem architecture firm Bitman Ben Tzur.
Elad Afergan, owner and CEO of Israel-Europe, said: "This is another project that our company is currently advancing in Israel's capital, in response to the real need to renew Jerusalem's urban space. We work in partnership with the local authorities, which allows us to turn a vision into reality."
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