Terra Real Estate and the Rothstein Company held today (Sunday) the demolition ceremony for the Neve Yaakov 28-32 complex in Jerusalem, as part of the launch of one of the largest urban renewal projects in Jerusalem - and the largest to be launched in the city's ultra-Orthodox neighborhoods.
Upon completion of the evacuation of the 111 families, the entire complex will be demolished, and in its place a new complex will be built that includes more than 500 housing units.
The demolition ceremony was attended by Jerusalem Mayor Moshe Leon, Deputy Mayor Ofer Ayoubi, Director of the Government Authority for Urban Renewal Yuri Gemarman, City Engineer Yoel Even, Head of the Jerusalem Urban Renewal Directorate Neta Nissim, representatives of the municipality and planning bodies, the managements of Tra Real Estate and Rotstein, and the apartment owners.
The demolition comes after a lengthy process conducted with the apartment owners, community rabbis, and professionals. Along the way, a number of issues related to the unique characteristics of the neighborhood and the needs of the residents were addressed.
As part of the project, seven kindergartens, two synagogues, and a commercial avenue will be built for the benefit of the neighborhood's residents, alongside environmental development and a new public space that will provide a new and upgraded neighborhood envelope that will serve the existing residents and the families that will join the neighborhood.
The 111 long-time apartment owners will benefit from a significant upgrade in their quality of life and living conditions as part of the project. The new apartments will be larger and more spacious and will include a basement and a balcony, and each apartment will have private parking and storage.
Alongside the upgrade of the apartments themselves, the entire complex will be renewed with public and community institutions, commercial areas, environmental development and a new public space, in a way that will change the living environment for the veteran families and provide them with a more advanced, safer and accessible neighborhood.
The complex is located near the light rail route in Neve Yaakov, which provides residents with direct and convenient access to employment, commercial and service centers throughout Jerusalem.
Jerusalem Mayor Moshe Leon: ""We stand today at a moment that is all about a new beginning and great hope. In place of 111 old apartments, over 500 new, spacious, protected and modern housing units will be built here. For us, urban renewal is much more than construction; it is a process of social justice, which gives families a safe home and a better quality of life, and allows the younger generation to continue living and building their future in Jerusalem. Neve Yaakov is being renewed, and Jerusalem as a whole continues the momentum of construction and renewal.".
Avi Samuels, Chairman of Terra Real Estate: ""This project is proof of professional work based on listening to the needs of the tenants, cooperation with the community, and the ability to promote complex urban renewal projects in the heart of old neighborhoods. We are happy about another project getting underway, as part of dozens of projects that Terra Real Estate is currently promoting in Jerusalem and the tens of thousands of housing units that we will build throughout the city. I would like to thank Mayor Moshe Leon, Chairman of the Local Planning and Building Committee Eliezer Rauchberger, and all the partners for their cooperation in promoting the project.".
Yona Green, CEO of Terra Real Estate: ""We are pleased to launch one of the largest urban renewal projects in Jerusalem and the largest project currently underway in the city's ultra-Orthodox neighborhoods. Alongside the scope of construction, the main significance of the project is the upgrade in the quality of life of the 111 long-standing families and the entire neighborhood - new, larger and safer apartments, with balconies, parking lots and storage rooms, alongside kindergartens, synagogues, commerce, new infrastructure and the development of public space. Neve Yaakov marks the entrance to a new era of urban renewal even in neighborhoods where projects of this scale have hardly been seen to date. This is just the beginning of additional large projects in the coming years. Thank you to our partners at Rothstein and the apartment owners for their trust and partnership along the way.".
Itay Smadar, CEO of Rothstein Urban Renewal"The implementation of the project in Neve Yaakov is the result of a long process that relies on close cooperation with the apartment owners, the community and the local authority. For Rothstein, this is a significant project as part of the company's activity in the field of urban renewal in Jerusalem and in general. We see urban renewal as a central engine for renewing the urban fabric and adapting old neighborhoods to the needs of future generations, while preserving the existing community and significantly improving the quality of life. Today, with the demolition of the complex, we are moving from the planning phase to the implementation phase, which will lead to the renewal of the 111 housing units and the entire residential environment. We are proud to take part in this significant process and in promoting urban renewal in Jerusalem.".
