The plan centers on a Keren Hayesod St. property.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has applied to convert the President Hotel lot in Jerusalem into 124-unit residential complex of six buildings. The six dunam (1.5-acre) lot is on Keren Hayesod St., between Ahad Ha’am St. and Sokolov St. in the Komemiyut neighborhood. The lot’s building rights range from 215% to 412%.
The Jerusalem municipality’s planning board recommends depositing the plan, but must first obtain the approval of the Ministry of Tourism to rezone the property, because the position of the Jerusalem Regional Planning and Building Commission is not to rezone hotels in the city to residences. The Jerusalem Local Planning and Building Commission will approve the plan after some changes are made in it, primarily increasing the building density.
In a separate development, Africa-Israel Housing has sold a lot in Jerusalem with building rights for 22 apartment for NIS 17 million.
Published by Globes [online], Israel business news - www.globes.co.il - on May 20, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007