If you talk about building in Tokyo, you are talking about a lot of activity. Over our company’s 20 years in Tokyo we have seen major building projects in various areas around Tokyo. Places such as Kamiyacho, Shibuya, Shinjuku, a lot in Shinagawa and so forth.
As big advocates of central Tokyo (that’s where AINEO’s main Tokyo office is) , which is the Ginza and more so Nihonbashi area, we are glad to see this good news for Nihonbashi.
Major Redevelopment Planned For Tokyo’s Nihonbashi
TOKYO (Nikkei)–Mitsui Fudosan Co. (8801), Takashimaya Co. (8233) and others plan to pour an estimated 150 billion yen into redeveloping a portion of the Nihonbashi district in one of the largest projects ever for this part of central Tokyo.
Construction will begin next fiscal year in the area surrounding Takashimaya’s flagship department store, which is designated by the government as an important cultural property.
Takashimaya’s flagship store will be preserved in the project.
Mitsui Fudosan and Takashimaya will be among those constructing 35- and 29-story complexes by fiscal 2018. The department store will remain intact, but an annex will be created in one of the new buildings, boosting overall floor space by about 25%. Sumitomo Realty & Development Co. (8830) and others plan to complete a 36-story building by around fiscal 2014.
In terms of cost, this redevelopment project will eclipse the 50 billion yen spent to build the Nihonbashi Mitsui Tower, completed in 2005. With Mitsubishi Estate Co. (8802) and others now redeveloping the Marunouchi district on the other side of Tokyo Station, the new project will intensify competition between two of the country’s most prominent business districts.
News quotes from here.