Japanese leading developers are accelerating their business actions toward redevelopment of several areas in Tokyo. With the government’s strategies such as establishment of special zones to strengthen international competitiveness, the companies look to reform the capital into a business-friendly city which can attract human resources, products and investment. A successful bid of hosting Olympic Games 2020 has spurred them into actions for redevelopment.
Mitsui Fudosan Co. Ltd. announced last month a revitalization plan of Nipponbashi district in Tokyo, mapping out a policy to realize eight new projects reaching up to 2 million m2 gross floor space toward 2020. President Masanobu Komoda said that the Olympic Games will be a great opportunity for Tokyo to become a winner of competition with other Asian cities, putting emphasis on infrastructure development such as offices that perform intelligent production, research institutes that gather global academia, multi-purpose complex integrating entertainment facilities and daily utilities including residence, hospitals and schools. Taking advantages of Japanese advanced technologies such as green technologies, he aims to enhance Tokyo’s international character.
The plan of Japan’s biggest developer includes energy-efficient infrastructure development and networking river transportation in the inner city. Catch-phrasing “Revival of Water City,” the company aims to take part in Tokyo’s continuous development by contributions such as removal of elevated Metropolitan Expressways running over the Nipponbashi Bridge and creating visitor-friendly riverside.
One of the top land developers Mori Building Co. Ltd., which has track records in Roppongi area in Minato-ku, is now boosting ongoing projects in its priority areas including Roppongi and Toranomon. The intention is to connect their existing estates with projects to be developed and to maximize synergistic urban attractions.
Increasing the number of staff in the urban development section, Mori is determined to work on an under-construction sky scraper “Toranomon Hills,” which is scheduled for open in June. The 52-story building with a 244,400m2 gross floor area will have shops, offices, apartments, a hotel and conference halls. The developer also participates in developing along the under-construction Loop Road No.2 starting from the area.
In Marunouchi and Otemae district near Tokyo station, Mitsubishi Estate Co. Ltd. is a major player in urban development. The developer puts emphasis on creating a mechanism to bring in domestic and international firms. It intends to offer a business-friendly climate including creating a community for entrepreneurs from all over the world as well as to make life environment more favorable for foreign residents. Mitsubishi Estate, Mitsui Fudosan and Mori Building have jointly proposed to the government these policies looking toward successful appointment of the designated special zone.
Besides three central municipalities of Chuo, Minato and Chiyoda-ku, sub centers such as Shibuya, Shinjuku and Bay Area have seen an active business operation in large-scaled projects. Developers and construction industry are looking closely at the trend in the real estate to capture business opportunities, maintaining favorable relationship with local land owners and the administration. (2014/02/10)
