The "Apartment for Rent" Project in the Allenby Compound is Underway - Jerusalem Municipality

The "Apartment for Rent" Project in the Allenby Compound is Underway

​The Jerusalem Municipality granted a permit for the construction of "Arnona Dreams," a rental project for young couples.

The project includes 333 housing units in two buildings with 6 floors.

Barkat: "This is a significant achievement that will help young couples rent apartments at 20%-30% below market price.

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2/5/2018

12/31/1969 6:00 PM

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תמונה1

​Last week, the Jerusalem Municipality's local Planning and Building committee approved a permit to build an apartment complex with rental apartments targeted toward young couples in the Allenby compound in Arnona.

The requests for the construction of the residential buildings, which included commercial uses and kindergartens, as well as for public housing units (open public areas) for long-term rental housing, were presented by Housing Rental Ltd. - "Dreams of Arnona" - on behalf of Housing Construction and Solel Boneh.

The project includes 4 residential plots, divided into two buildings with 6 floors, above the floors of parking basements. The proposed building in the northern building of Hanoch Albek Street includes a small garden in front. The southern building will create a commercial urban area along Daniel Yanovsky Street and an urban front along Hanoch Albeck Street, as well as a large garden in the center for the benefit of the residents. In addition, the plan includes the allocation of space for a public building for the construction of a municipal library or a community center and four kindergarten classes on the ground floor of the residential building. The area is owned by the Israel Land Authority and the Jerusalem Municipality.

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תמונה פרוייקט ארנונה 

The "Allenby Complex" project includes 333 rental housing units and it was decided that half of the additional housing units will be designated for Jerusalem residents. 

The Jerusalem Municipality promoted the plans and conducted negotiations between the municipality, the Israel Land Authority and the Ministry of Finance. The plans are being marketed as part of the "Apartment for Rent" program led by the Ministry of Finance.

This is a housing project for long-term rental, in which the rental apartments will be offered at market prices with some offered at 20-30% below market price. In addition, a tenant who signs a contract in the "Apartment for Rent" complex will be able to live there for 5 years, with an option to extend for an additional five years each time the rental contract ends. In addition, the rental price will be controlled and linked to the consumer price index only, for a period of 3-5 years. After that, the rent will be raised for all tenants at a rate of only 1% per year.

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תמונה פרוייקט ארנונה 

Jerusalem Mayor Nir Barkat said, "This is a significant program designed to provide affordable rental options for young couples at a cost of 20-30% below market price. This is an importnat achievement that will allow young couples certainty and stability when it comes to their rental costs."

The chairman of the local committee, Meir Turgeman, said, "I welcome this important project, which was previously in partnership with the" Apartment for Rent "company and sees it as another layer of urban development and adding housing for the young couples in Jerusalem. For the welfare of young people and students in Jerusalem in rental housing. "


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