Romema has been one of Jerusalem’s busiest neighborhoods over the past two decades, transforming itself from an ugly industrial eyesore to a thriving neighborhood filled with newly built apartment projects. It is pretty safe to say that Romema has become the Chareidi capital of Yerushalayim. With its shops, malls and mega supermarkets it has left Geula the status of just another ancient relic that you might want to visit on a trip to Israel for old time sake.
But there is still plenty of work to do in Romema. Many old industrial buildings and factories still sit between spanking new buildings. They are however disappearing day by day. The latest to fall is the legendary Israel Broadcasting (IBA) building which was the home to Israel’s Kol Yisroel news and Israel Television company. The building was located on Torah MiTzion Street which becomes Malchei Yisrael after it crosses Sarei Yisrael Street.
The five story building sits on almost five acres of land and was built in 1960. It was intended to lure the diamond polishers from Tel Aviv and Ramat Gan to Jerusalem. They didn’t bite though. In 1966 the building was purchased by the IBA which broadcast from there until their final broadcast in 2017.
The building was purchased by AKA Real Estate the king of Romema building with at least five projects already completed within one square mile of the new project, including Shalem Tower on Yaffo Street, Psagot Yerushalayim, Mishkenot HaTcheilet, Mitzpe Nof and Achuza.
AKA Real Estate purchased the property several years ago from the authorities for 290 million NIS. It plans on investing a total of 700 million NIS into its completion. The project will have six 11 story buildings and a total of 308 apartments. Only 61 apartments will be available for sale on the free market as the rest are earmarked for Mechir LaMishtaken. Mechir LaMishtaken is a government program that allows first time home buyers to enter a lottery for the rights to purchase an apartment at lower than market rates.
Whether the apartment is purchased at “subsidized” rates or on the free market, do the math and you will quickly see that these apartments will not be cheap. Nevertheless this is win-win for those lucky enough to be able to afford one of these apartments and also for those who drive by without having to see the old dilapidated building in the beautiful city of Jerusalem!
