The Israeli city of Jerusalem will become the first commercial building in the country’s capital to become a “commercial center.”
According to the Jerusalem municipality, the tower will be located on the site of the ancient Temple Mount and will feature a residential building, offices and an industrial area.
The building will also serve as a retail outlet for local retailers.
The new building will be the first of its kind in the entire country, according to the Israeli building developer, and will serve as the first Israeli commercial building with a total floor area of more than 50,000 square meters (2.8 million square feet).
The Jerusalem municipality plans to begin construction of the building in 2019, but its construction could be completed later.
Construction of the new tower will come with a price tag of approximately USD $1.2 billion ($1.1 billion in current exchange rates), according to a statement by the Jerusalem City Council.
The building will feature an interior that will be designed by Herzog Architects.
The interior will include a residential amenity center, a retail center, and a hotel.
Israel has become one of the fastest growing markets for Israeli commercial real estate in recent years.
It’s estimated that Israel’s real estate market will reach USD 4.2 trillion by 2026, according the Jerusalem office of Israeli real estate firm CBRE.
According to an Israeli government estimate, the Israeli economy has grown from USD 4 billion in 2019 to USD 8.6 billion in 2021, according a Bloomberg report.
In October, Israeli Prime Minister Benjamin Netanyahu said that the country could achieve its long-awaited goal of doubling the number of Jewish Israelis by 2027.
“The number of Israelis will double,” Netanyahu said, according with a Hebrew-language news report.
“Israel has been a land of promise and opportunity for generations, and today, we are finally on the verge of creating the new Israel.
We are on the cusp of making history.”