A joint venture led by Japan’s largest developer, Mitsui Fudosan, has won approval to develop a central Tokyo mega-project anchored by a 57,000-seat stadium, with the project on the former site of the Tsukiji market expected to cost around JPY 900 billion ($5.8 billion).
A proposal from an 11-party consortium including Mitsui Fudosan, the real estate arm of Toyota and media company Yomiuri Shimbun has been chosen by the Tokyo government to build a 1.2 million square metre (12.6 million square feet) complex encompassing stadiums, offices, hotels, residential apartments and retail, along with other facilities, according to a joint press release by the developers on Monday.
“At the former site of the Tsukiji Market, an asset of the Tokyo Metropolitan Government, we will work to enhance Tokyo’s international competitiveness and create a city that is loved by the citizens of Tokyo and attracts people from all over the world,” said Mitsui Fudosan in the statement.
With the project set to be launched in phases starting in Japan’s 2029 fiscal year, Mitsui Fudosan is unveiling the project in Tokyo’s Chuo ward almost a month after the Japanese property giant submitted a tender for a S$8.5 billion ($6.2 billion) an urban Singapore project in a joint venture with Mitsubishi Estate and three local property firms.
Space for Flying Cars
Based on a 194,679 square metre waterfront site in Chuo’s Tsukiji district, the consortium will begin developing the nine-building complex in 2025, according to a proposal submitted to the Tokyo Metropolitan Government.
The project, titled One Park x One Town, is led by an indoor multi-stadium facility that is expected to host concerts and competitive sports, including rugby, basketball, soccer and e-sports. The consortium also plans to incorporate labs and research centres in the property, which they describe as a “core centre for the life science community”.
Details of the development’s office, apartment, hotel and commercial segments were not disclosed, with Taisei Corporation to be among four construction companies building the project.
The developers also intend to make the project a transportation hub incorporating a subway station, ferry port, helipads and landing points for flying cars.
Mitsui Fudosan’s offer was one of two plans submitted for the development site last year, according to a government review of the proposals, with the competing offer having been based on a “Tokyo Entertainment Complex” theme, involving a 45,000-seat stadium and a shopping dome focused on anime, manga, and video games.
Tsukiji market had been the world’s largest fish trading hub before being moved to Tokyo’s Koto ward in 2018, according to a report from the New York Times.
Mitsui Fudosan had not yet responded to inquiries from Mingtiandi by the time of publication.
Tokyo Redevelopments Continue
Mitsui Fudosan and its partners will be moving ahead with Tsukiji market project amidst a flurry of large-scale developments in central Tokyo, with Toyota Motor Corporation last month establishing a joint venture with railroad company Keikyu to take on a JPY 220 billion commercial building in the southernmost area of Minato ward. With construction set to begin next year, the world’s second largest car maker plans to move its headquarters into the 313,100 square metre building once it is completed in 2029.
In the same month, TSE-listed developer Tokyu Land teamed up with Odakyu Electric Railway and Tokyo Metro Company to break ground on a 279,000 square metre commercial building next to Shinjuku station. Odakyu said in February that it is committing JPY 130 billion to the project.
Mitsubishi UFJ Financial Group in March unveiled plans for a 172,000 square metre office tower in Chiyoda ward which the financial giant plans to use as its new headquarters.
In January, Mitsubishi Estate and Tokyo Broadcasting System began work on a JPY 200 billion project in Minato, with the 205,800 square metre complex expected to include office, theatre, retail and hotel space.
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