The Jerusalem District Planning and Building Commission has announced its approval of a new residential plan on the Magressa site in Mevasseret Zion. The plan includes construction of 1,300 housing units, 300 of which will have 45 sq.m. or less. The plan involves land owned by the Israel Land Authority (ILA), the initiator of the plan, and formerly used as an operating site for the Castel Quarry, which shut down in the 1980s.
The plot covers 290 dunam (72.5 acres) in southwestern Mevasseret Zion, near Hahotzvim Blvd. The plan proposes extending the continuity of Mevasseret Zion, with residential construction, public buildings, open spaces, and various types of public space. The new neighborhood is being planned with construction adapted to the characteristics of the land and the surroundings. The plan also includes 80,000 sq.m. of business space.
The Planning Administration said, "This is one of the most substantial plans in recent years in the town of Mevasseret Zion, a town that has a great many private housing units. The plan allows a range of medium and small-sized housing that young people can afford."
At the beginning of the month, a buyer fixed tender for construction of 387 discount housing units on four separate sites marketed by ILA was closed. One plot, zoned for 150 discount housing units, was won by Azorim Investment, Development and Construction Ltd. (TASE: AZRM), and three others with a total of 226 housing units were won by Y.D. Barazani Real Estate and Construction. These plots, which were marketed in a new neighborhood in the town, southeast of Hahotzvim, cover 117 dunam (29.25 acres). The buildings will have 6-7 storeys.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2016
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