Shikun & Binui Selected for Pisgat Ze'ev Urban Renewal Project in Jerusalem

Urban renewal in Jerusalem: Apartment owners on HaShisha Asar Street in the Pisgat Ze'ev neighborhood held a developers' tender and selected Shikun & Binui Real Estate to advance the project.

The project involves four residential buildings at 33-39 HaShisha Asar Street, currently comprising 60 housing units alongside commercial space. As part of the project, the existing buildings are slated for demolition, to be replaced by approximately 256 new housing units in two towers and perimeter construction, alongside street-front commercial areas. It should be noted that a tenants' tender is a very preliminary stage in the process, and the project has not yet officially launched.

Shikun & Binui stated, "The project constitutes a first phase in a broader initiative for the renewal of the complex. Ten additional buildings are located adjacent to the four buildings, and the company is already working to incorporate them into the move, with the aim of subsequently promoting the renewal of the entire complex." It was further noted that this move joins the expansion of urban renewal activity in Jerusalem, particularly in neighborhoods where the sector is still in developmental stages.

Avishay Kimeldorf, CEO of Shikun & Binui Real Estate, stated: "Winning the project in Pisgat Ze'ev is for us a starting point for a broader initiative in the complex. We are already working to annex the additional buildings, out of a conviction that urban renewal in an entire complex enables higher-quality and more accurate planning, both for the apartment owners and for the entire environment. Jerusalem is experiencing significant renewal momentum, and we see great potential in expanding activity to additional neighborhoods in the city."