(Taken from the Yokohama City website)
In recent years, the redevelopment of the former Kamiseya Communications Facility site, which straddles the Asahi-ku and Seya-ku wards of Yokohama City, has attracted a great deal of attention. This vast land was once used as a U.S. military communications facility for nearly 70 years, but since its return to Japan in 2015, it has been positioned as the core of a new urban development project in Yokohama City. This report provides an overview of this development plan and an analysis of its impact on the real estate market, providing useful information for investors and local residents alike.
History and Background of Kamiseya Telecommunications Facility
The Kamiseya Communications Facility was originally a former Japanese Navy facility that was confiscated by the U.S. military after World War II and served as an important base for intelligence operations against the Communist bloc during the Cold War. The vast site of approximately 242 hectares was one of the few remaining sites in Yokohama that could be developed on a large scale, and its use after its return has attracted much attention.
Since the site was used as a U.S. military facility for about 70 years after the war, it has existed as a "no-go zone" off limits to the general public, but upon its return, the City of Yokohama has positioned it as a "new revitalization center for the suburbs" and is proceeding with a phased development plan.
International Horticultural Exposition (GREENxEXPO 2027)
The first major milestone in the utilization plan for the former Kamiseya Telecommunication Facility site will be the International Horticultural Exposition "GREEN×EXPO 2027" to be held from March 19 to September 26, 2027. The main theme of this exposition is "Landscapes of Tomorrow Creating Happiness," and it will be the second top-level (A1 class) international horticultural exposition to be held in Japan in 37 years, the first being the "Osaka Flower Expo" in 1990.
The International Horticultural Exposition is not just an event, but is positioned as part of international efforts to address SDGs, environmental issues, and the realization of a sustainable society. As a place that proposes new values and lifestyles in harmony with nature, the exposition is expected to attract many visitors from Japan and abroad, and is expected to make a significant contribution to raising the profile and economic vitality of Yokohama City and the surrounding area.
KAMISEYA PARK Concept - Next Generation Theme Park
After the International Horticultural Exposition is over, Mitsubishi Estate plans to develop a large-scale theme park, tentatively named "KAMISEYA PARK," on a portion of the former site. It will be one of the largest theme parks in Japan.
The theme park is planned as a "world-class, next-generation theme park" utilizing "Japanese content" and "Japanese technology," and is expected to become a new entertainment center that will showcase Japanese culture and technology to the world. It is expected to attract more than 10 million visitors annually, and as a facility that will attract visitors on a scale second only to Tokyo Disney Resort, it will have a significant impact on the tourism and leisure industry in the southwestern part of the Tokyo metropolitan area.
Impact on the Real Estate Market and Investment Opportunities
The impact of this large-scale development on the surrounding real estate market is immeasurable. Of particular note are the following
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Enhanced access infrastructure: Along with the theme park development, there are plans to expand the transportation infrastructure, including the construction of a new transportation system, the Kamiseya Line. This is expected to improve the convenience of the surrounding area and increase its value as a residential area.
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Concentration of commercial facilities: The commercial value of the area will be greatly enhanced by the planned development of complex commercial and service facilities around the theme park, including the "Station Area Zone" (7 hectares) and the "Park Adjacent Zone" (approximately 6.5 hectares).
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Changes in residential demand: The rental and sales market in the surrounding area is also expected to undergo significant changes due to the demand for overnight stays resulting from the increase in tourists and the increase in residents resulting from the new jobs to be created.
We recommend that you keep a close eye on these development trends and consider medium- to long-term investment strategies with an eye on the rising value of surrounding real estate. In particular, by participating in the early stages of development, you may be able to maximize the benefits of future value appreciation.
Challenges and Prospects
On the other hand, there are also challenges associated with this large-scale development. It is necessary to look at the negative aspects of the development, such as increased traffic congestion, impact on the surrounding environment, and increased burden on existing residents due to rising land prices.
In addition, there are reports that the construction cost of the International Horticultural Exposition will be 41.7 billion yen, an increase of 9.7 billion yen from the initial budget, so the risk of budget overruns and plan changes associated with large-scale projects cannot be ignored.
Conclusion: Sustainable Urban Development and Real Estate Value Creation
The development of the former Kamiseya Telecommunications Facility site is more than just a real estate development project; it is a core project for Yokohama City's urban strategy. Through the development of an international horticultural exposition and theme park, the project has the potential to create multifaceted value: symbiosis with the environment, dissemination of culture and technology, and revitalization of the local economy.
The development of the former Kamiseya Telecommunications Facility site is an important project that will shape the future of Yokohama and open up new possibilities for real estate investment. Let's make the most of this opportunity and grow together.
