Oron Nadlan and Midar secured the required majority for a Pinui-Binui project of about 400 apartments in Jerusalem
Oron Nadlan and Midar have secured the necessary majority of apartment owners to advance a Pinui-Binui project in Jerusalem's Kiryat Menachem neighborhood. The plan involves replacing 84 existing units with 400 new ones.
The companies Oron Nadlan and Midar have completed the process of securing the required majority among apartment owners to advance the first Pinui-Binui (evacuation and construction) project they are promoting jointly, at 1-7 Iceland Street in the Kiryat Menachem neighborhood of Jerusalem. Concurrently, the project is advancing in the planning process after a town planning scheme (TABA) file was opened for it.
Under the plan, 84 existing housing units are expected to be evacuated, and about 400 new housing units are planned to be built in their place. The design includes towers up to about 40 stories high, subject to approval by planning institutions, with a mix of apartments that will include 2 to 6-room apartments alongside special units.
Kiryat Menachem, established in the late 1950s in southwest Jerusalem, has been undergoing an extensive urban renewal process in recent years, within which Pinui-Binui complexes are being promoted with the goal of renewing old residential buildings and upgrading infrastructure. The complex is located on Iceland Street, which was inaugurated in 1966 during the visit to Israel of the then-President of Iceland, Ásgeir Ásgeirsson.
According to the plan, apartment owners will receive a new apartment including an addition of 34 square meters to their apartment area, as well as a balcony, a storage room, and parking. The apartment owners are represented by the law firms Hartabi Bornstein Basson, Weinstein Wolfson, and Adv. Eyal Shalev.
Zeev Greenberg, Deputy CEO and owner of Midar:
"Securing the required majority expresses the trust of the apartment owners and allows the project to advance another step on the way to its realization. Kiryat Menachem is an old neighborhood that is currently in a process of significant change, and a project of this scale allows not only to replace old buildings with new ones, but to renew an entire complex and adapt it to the needs of future generations."
Sima Maor, VP of Urban Renewal at Oron Nadlan:
"Reaching the required majority is a significant milestone that allows us to move forward in promoting the planning and statutory procedures of the project. In Kiryat Menachem, there are many old residential buildings, and their renewal is gaining extra importance today, especially in light of the need for protection and creating a safer living environment."
