Binyan complex in Jerusalem offered at a starting price of 420 million shekels

The Binyan complex, one of the most significant projects expected to be built in the coming decade in the center of Jerusalem, will be put up for sale by the executors of Albert Binyan's estate for a starting price of 420 million shekels. The site covers approximately 10 dunams between Jaffa, HaNevi'im, and Raoul Wallenberg streets, with an approved zoning plan (TABA) for two residential towers, hotel buildings, commercial areas, and public buildings, as well as the preservation of 19th-century structures. According to the estate executors, the complex is valued at about half a billion shekels.

Albert Binyan was an Israeli millionaire who lived in Jerusalem and died childless in 1999. He owned numerous plots of land in Jerusalem, including the one offered for sale, which he bequeathed to the United Jewish Appeal of New York (UJA). The funds received from the sale are expected to go to a scholarship fund for students in Israel. The sale is being led by his estate executors, attorneys Oren Persky, Yitzhak Molcho, and Gil Efrati from the firm A.S. Shimron, I. Molcho, Persky & Co.

The complex is expected to be central to the city due to the planned construction volumes and the heavy railway station that will be part of it in the future. The zoning plan for the complex was validated in 2023 and allows for the construction of two residential towers of 29 and 31 floors with 295 apartments, alongside hotel buildings that will include a total of about 200 rooms. The main area of the complex is about 50,000 square meters, of which about 25,000 square meters are for residential use, about 10,000 square meters for hotels, and about 14,000 square meters for commerce.

The plan also applies to an adjacent plot where a third residential tower was approved, but this is not part of the rights offered for sale in the Binyan complex. The new construction is planned alongside several historical buildings designated for preservation. Among them are Beit Navon, built as a luxurious residence and named after Yosef Navon Bey, the 19th-century Kamenitz Hotel, and the Pasha's House. These buildings will be used for hotels, commerce, and employment.

The deadline for submitting bids is set for December 3, and bidders will be required to attach a guarantee of 35 million shekels. The planned railway station in the complex, as part of the line extension from the Yitzhak Navon station to the city center and later to the Khan station, includes overhead and underground passages, with buildings connected directly to them. The developers will be required to comply with agreements with Israel Railways, under which land for the station was sold to the state, and work on it has already begun.