The Jerusalem Municipality and the Israel Land Authority have recently reached a series of agreements in which 20,000 new apartments will be built throughout the capital, 8,000 of which will comprise urban renewal; 3 million square meters will be established for new employment centers which will generate large revenues for the city; and NIS 1.4 billion will be invested in the development of infrastructure in the city's old neighborhoods. The agreement will be presented to the city council for approval next week.
Mayor Nir Barkat said that, "this is a historic day in the construction of Jerusalem, and an important day for its future. The unprecedented agreement, which we and the Israel Land Authority have worked toward, is good for Jerusalem and good for the State of Israel. The addition of 20,000 new apartments in the city, which will keep 20,000 families in Jerusalem, alongside vast employment areas – will accelerate the growth that began in the last decade and will ensure its future." Barkat also thanked, "all our partners in the Ministry of Finance, headed by Minister Kahlon, and at the Israel Land Authority, headed by Adiel Shomron; Minister of Construction and Housing Yoav Galant; Municipality Director-General Amnon Merhav; Chairman of the Urban Renewal Authority, Haim Avitan; Head of the National Housing Committee, Ze'ev Bielski; and especially Prime Minister Benjamin Netanyahu, for his support of Jerusalem, which yields impressive and important results for ensuring the future and strengthening of the capital of Israel."
The highlights of the agreement include:
Some 12,600 housing units will be built around the city and will provide various housing solutions. The construction will also encourage young families to live in Jerusalem.
Some 8,000 new housing units will be built as urban renewal ("evacuation-construction"), with 2,500 housing units allocated for supplementary land in the "Reches Lavan" project for the projects in the city.
Construction of employment, commercial and hotel areas comprising a total of 3 million square meters in the Jerusalem Gateway project, along the Begin route as part of the road covering, at the Bayit intersection, in Givat Ram, Pisgat Ze'ev, Har Hotzvim, Malcha, Kiryat Yovel, the Atarot industrial area, French Hill and other areas. These will lead to a significant reduction in the existing lack of employment areas in the city. It is worth noting that the new commercial areas will generate large ongoing revenues for the city, which will lead to upgraded services for residents and a reduction in the gap versus other cities.
A NIS 1.4 billion investment in infrastructure, public areas and public buildings – in both the old neighborhoods and near new ones – which will bring a reduction in gaps. The Israel Land Authority will invest NIS 600 million, and an additional NIS 800 million will be invested from the expected revenues of generated from fees and levies of the sale of the housing units.