A massive renewal project for the western entrance to Yerushalayim was given approval by the Housing and Construction Ministry on Monday.
The plan aims at transforming the capital into “a world-class business, cultural and residential district.”
The approximately NIS 1.5-billion enterprise covering 730,000 square yards is being touted by its backers as an engine of job-creation for thousands of workers. Yerushalayim Mayor Nir Barkat said it will mean some 50,000 new jobs.
The plan envisages the construction of 12 high-rise buildings for employment, offices, hotels, and cultural and tourism centers, according to Minister of Housing and Construction Uri Ariel.
In addition, it includes an upgrade to the nearby International Convention Center, 1,300 additional parking spaces, and expanded public transportation into the city via a 28-minute express train to Tel Aviv.
The announcement was made at a press conference at the Prime Minister’s Office.