A plan is set to be presented tomorrow (Monday) before the Jerusalem District Planning and Construction Committee, per which the four story building adjacent to Davidka Square will be torn down and replaced with a 43-story building, along with much more parking, residential, public, and commercial space, according to Calcalist.
Davidka Square lies at the intersection of Yafo, Kiyach, and Hanevi'im streets, and is just a few minutes' walk from the center of town and the Machaneh Yehudah market. It has long since occupied a central place in Jerusalem life, with both the light rail and multiple buses stopping near or on it.
The cannon which symbolizes it, the "Davidka," refers to an improvised artillery piece belonging to the pre-IDF Haganah in the 1948 War, which reportedly did little damage but made a great deal of noise, often terrifying opposing Arab forces.