What it’s about
Extell, a prominent American real estate company, has launched a transformative initiative in Jerusalem’s Rehavia and Talbiya neighborhoods. The project offers a clear and stable path toward property ownership for Israeli residents living on church lands, embodying a vision of urban renewal and modernity.
Why it matters
This initiative holds the promise of securing permanent property ownership or extending leases until 2100 for residents, providing peace of mind and stability. It positions Jerusalem at the forefront of urban, social, and economic advancements in Israel, building a city that honors its historical roots while embracing a progressive future.
The big picture
Extell’s offer is supported by the Jerusalem Municipality and the Jewish National Fund (KKL), aimed at easing the currently reduced property values stemming from lease concerns. By involving key local stakeholders, Extell plays an active role in rejuvenating Jerusalem’s city center while fostering collaboration to ensure a holistic development strategy.
Advantages of the Initiative
The initiative includes the opportunity for residents to either own their properties outright or continue their leases under better terms, promoting long-term security and investment benefits. Residents can move into modern apartments with enhanced amenities and property value, orchestrating an improved living environment.
What they’re saying
Gary Barnett, the President of Extell, expressed the company’s commitment to contributing to the city’s advancement. “Extell is here for a significant and sustained involvement in Jerusalem, balancing innovation and tradition. We are committed to developing solutions that bring forth tangible outcomes for the community,” Barnett stated.
What to watch
As the project progresses, Extell’s collaboration with municipal and governmental authorities will be vital to its success, aiming to maximize residents’ quality of life in Jerusalem. The plan includes developing spaces integrating residential apartments, commercial areas, and improving local infrastructure to align with Jerusalem’s vibrant yet historical identity.
This story was first published on jpost.com.