Luxury flats for haredim planned in Jerusalem
Carraso Real Estate Acquires land together with Aka Holdings and Shalom Chaim in Romema neighborhood for NIS 266 million. Project to include 285 flats, 7,500-square meter commercial area
The land, known as the Kaduri compound, was acquired from Kaduri Holdings in an all-cash deal. According to the approved municipal zoning plan, the land is designated for a luxury flat project for the ultra-Orthodox community, including some 285 housing units and a 7,500-square-meter (1,850-square-foot) commercial area.
Some NIS 216 million ($63 million) was paid for housing rights and NIS 50 million ($15 million) was paid for rights to develop commercial areas.
The development plan includes five apartment buildings situated around a unique 1-acre park. The flats will range from two to four bedroom units to garden flats and penthouses. All units will be built according to the highest building standards and the project will include underground parking for each flat and storage rooms.
Carraso Real Estate imparted that the project's commercial area, that will span 7,500 meters, will be situated on the project's bottom level on Yirmiyahu and Shamgar streets which are the main roads of the Romema neighborhood. The commercial areas will include a large anchor store from one of the major retail food chains and commercial strips with smaller stores alongside Yirmiyahu and Shamgar streets.
The planned commercial area is exceptionally large and has a unique geographical position. It will offer easy access for pedestrians and cars thanks to a vast underground parking lot. The entrepreneurs say construction will begin within six months.
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