Japan Redevelopment Project Series | 3 Major Projects in Tokyo Minato to be Completed in 2023
Minato is hailed as Tokyo’s most prestigious residential ward home to the famed 3A areas (Azabu, Aoyama, and Akazaka) as well as being composed of Shirokane, Takanawa, Shibaura, and Roppongi. All areas are well known to tourists. In March 2022, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) reported that Minato is the priciest ward in Tokyo with square meters reaching JPY 5 million.
In recent years, redevelopments in Tokyo have been in full swing, with dozens of projects being completed each and every year to solve the city’s aging problems and in response to the recently concluded 2020 Olympics, and Minato is the largest in terms of scale. Below we have listed the 3 major redevelopment projects in Minato, all of which are expected to be completed by 2023.
Mori Building’s Toranomon-Azabudai Project Creates a New Landmark for Tokyo
Amongst the urban redevelopment projects implemented in Minato in the past few years, Mori Building’s Roppongi Hills is undoubtedly the most successful case study. Not only did the project drive huge business opportunities but boosted the seemingly unattainable Roppongi’s housing prices. This time, the Toranomon-Azubudai project, which is already gaining coverage by many overseas media, shows the world the strength of Japan’s urban redevelopment.
With a total development cost of JPY 580 billion and an area of 8.4 hectares, Mori Building has spent nearly 30 years on the redevelopment project, which is not only the longest planned but also the largest redevelopment project of Mori Group. The main tower will be 330 meters tall and will surpass the Abeno Harukas building in Osaka to become the tallest building in Japan when completed.
The 330-meter skyscraper will have 64 floors, and the 54th to 64th floors will be built into a high-class residential complex called the “Aman Tokyo Residences”, which will cost at least several billion yen per unit, the ceiling of any condominiums in Japan, and the buyers will have to provide financial proof and other documents for examination. Nevertheless, this project, together with the redevelopment project of the Toranomon 2-chome project which will be introduced immediately, will raise eyebrows on the future potential of the surrounding properties.
Toranomon 2-chome Development Pursues Green Business Environment
Another noteworthy redevelopment project around Toranomon is in Toranomon 2-chome. Compared to the Azabudai development, this project focuses not only on offices and shopping malls, but also on the renovation of Toranomon Hospital, the National Printing Office, and the Commonwealth Communications Agency, thereby improving the city’s disaster prevention function and urban environment, making it a development project of high social significance.
The development has a site area of approximately 22,500 square meters and is a skyscraper with 38 floors above ground (approximately 180 meters in height) and two floors below ground, with a total gross floor area of approximately 180,700 square meters. The lower floors provide a large area of greenery, creating a highly comfortable office space that is lush and green even in a busy urban center. In terms of location, this development is located at the intersection of three subway stations: Toranomon Hills Station on the Metro Hibiya Line, Toranomon Station and Tameikesan-nou Station on the Metro Ginza Line, with direct access to Toranomon station from the second floor of the building.
The Redevelopment of Mita Attracts Attention along with the Neighboring Takanawa Gateway
The area around Mita and Shibaura is located in the southeast of Minato and is a mixed residential and commercial area. The projects developed this time are in Mita 3-chome and 4-chome. The nearest stations are Tamachi Station on the Yamanote Line and Mita Station on the Toei Mita Line. 3 minutes, developed and constructed by Sumitomo Real Estate, covers an area of 5799 square meters, including a 255-unit residential building, a 42-story office building, kindergartens and specialized schools.
This project is similar to “Takanawa Gateway”, a new station on the Yamanote Line, which was developed two years ago. Both projects are in line with the national development strategy of the port area along the Yamanote Line, and are aimed at transportation, business, and tourism.
The area around Mita and Shibaura is a doorway into the Minato, as housing prices are still relatively cheap compared to other areas in Minato, the population keeps moving in, and the room for future housing price increase is highly anticipated; while the area around Azabudai and Toranomon is the first choice for high-net-worth customers, with new residential projects that have high asset value preservation. In addition to the above three projects, we will introduce other hot redevelopment projects in Minato, please stay tuned!
WealthPark RealEstate Technologies is a real estate technology company that provides online and offline asset management services for overseas investors with properties in major cities of Japan, including Tokyo, Osaka, Yokohama, Nagoya, Kyoto, Fukuoka, and Sapporo.
WealthPark partners with real estate brokers and technology companies in order to provide investors with comprehensive asset management and property transaction services. WealthPark RealEstate Technologies will continue to expand its digital platform to create user experience.