The Jerusalem District Planning and Construction Committee has given the green light to the “Midtown Jerusalem” plan, marking a significant development in the city’s heart. According to a recent report by Ynet, the project will comprise four mixed-use towers, each towering 40 floors high, and will include a luxury hotel, commercial and employment spaces, public areas, and approximately 1,000 residential units.
The development, situated at the intersection of Jerusalem-Agripas streets, will also see the preservation of the historic Shaari Tzedek Hospital building, which is set to be transformed into a high-end hotel. The hospital’s preservation is an essential component of the overall project.
The land upon which the new development will be built was acquired by the Israel Canada company, headed by Barak Rosen and Asaf Touchmair, in 2020. The land was purchased for a sum of NIS 538 million after winning a tender from the Israel Land Authority. The company secured lease rights for 98 years, with the option to extend for an additional 98 years. The goal was to construct a complex similar to the “Midtown Tel Aviv” project, which comprises two mixed-use towers, each of 50 stories and featuring around 300 residential units, a hotel, and office spaces. A few of the flats are designated for supervised rent.
The “Midtown Jerusalem” plan is expected to significantly contribute to the city’s economic growth, providing valuable employment opportunities and breathing new life into the area. With construction work set to commence shortly, locals are excited about the prospect of this exciting new addition to the city’s skyline.