Construction of a large-scale redevelopment project in the 60th and 61st blocks, the last piece of the Yokohama Minato Mirai 21 Central District, will begin in 2026, with a grand opening in 2029, combining educational, business, commercial, accommodation, and cultural functions. The construction of a pedestrian terrace and museum in conjunction with the K-Arena Yokohama will create new interaction and value for the entire city.
Located at 2-1, Minato Mirai 6-chome, Minato Mirai 6-chome, Nishi-ku, Yokohama, the 60th and 61st blocks of the Minato Mirai 21 Central District are the last large-scale development site in the Central District of Minato Mirai 21, a waterfront redevelopment area east of Yokohama Station. The area is approximately 23,000 m2, with the "Music Terrace," an open space that includes a large music arena "K-Arena Yokohama" on the north side, and the "Yokohama Anpanman Children's Museum" on the east side. Under urban planning, this urban area is designated as a commercial zone, and can be developed within the limits of 80% building-to-land ratio and 600% floor-area ratio. According to the conditions set by the City of Yokohama at the time of public solicitation, the project is to be a mixed-use development focusing on cultural, commercial, and business functions, and residential functions such as housing are not allowed. In addition, the plan must include a tourist/entertainment exhibition/experience-type facility (museum, etc.) in at least 25% of the development area, and must contribute to the creation of a lively city.
Yokohama City began publicly inviting applications for the development of this area in April 2023, and decided on the developer in February 2024. The following four companies were selected as the joint venture partners, which will jointly establish a special purpose company, MM60/61 Special Purpose Company (TMK), to promote the project.
Ken Corporation (Minato-ku, Tokyo) - the developer of the adjacent K-Arena Yokohama and Music Terrace, which will also be responsible for the development of commercial facilities, etc. in this project.
SMFL Mirai Partners Corporation (Chiyoda-ku, Tokyo) - A strategic subsidiary of Sumitomo Mitsui Finance and Leasing (SMFL). (Chiyoda-ku, Tokyo) - A strategic subsidiary of Sumitomo Mitsui Finance and Leasing (SMFL).
Kajima Corporation (Minato-ku, Tokyo) - A major general contractor. (Minato-ku, Tokyo) - A major general contractor, responsible for design, construction, and other technical aspects of the project, promoting safe and advanced building planning.
Iwasaki Gakuen Educational Corporation (Kanagawa-ku, Yokohama) - An educational corporation that operates several vocational schools in Yokohama. The operating entity for the vocational school facility to be established in the Nishimachi district.
The four companies signed a basic planning agreement with the City of Yokohama on January 31, 2025, and officially became the developer of the main urban area by signing a land purchase agreement on February 20, 2025. The project is proceeding with a strong lineup of public-private partnership.
The project plans to develop the urban area into two separate buildings, one on the east and one on the west. The East Wing and the West Wing will comprise a large complex facility with a total floor area of approximately 154,000 m2. The use and scale of each building are outlined below.
West Wing (West Area): 13 stories above ground and 1 below, total floor space of approximately 25,000 square meters. It will be used as an educational facility for a vocational school operated by the Iwasaki Gakuen Educational Corporation.
East Wing (East Wing ): A high-rise building with one basement floor and 26 to 27 stories above ground, with a total floor area of approximately 130,000m2. It will be a combination of multi-functional facilities, including offices, commercial facilities on the lower floors, a hotel targeting domestic and international guests on the upper floors, and an exhibition-type museum for both children and adults.
The building does not include residential functions, and is designed to focus on business, commerce, tourism, and culture. Although the details of the East Wing's floor structure will be determined through discussions, it is expected to be one of the largest buildings in Yokohama, integrating large-scale office, hotel, and museum facilities.
The project schedule is generally as follows: construction will begin on March 1, 2026, with completion of the west wing in August 2028 and the east wing in February 2029, aiming for a grand opening in 2029; design and administrative procedures will be carried out between 2024 and 2025, and construction of both wings will be completed within approximately three years after the start of construction in 2026. The plan is to complete the construction of both buildings in approximately three years after the start of construction in 2026. At this time, the project is officially scheduled to open in 2029, and although minor construction schedule adjustments may be made in the future, the project is progressing on the schedule expected by the city.
The concept of this project is to create a new exchange center by "linking" (coordinating) diverse urban functions. As expressed in the project name (tentative name) " Linkage Terrace Project," a pedestrian walkway (terrace) and plaza space where people can come and go and relax will be located between the east and west buildings, creating an open urban space that connects the city block and beyond. By integrating the educational functions of the west wing and the business, commercial, lodging, and cultural functions of the east wing, the aim is to create a new urban space that integrates culture, commerce, and education. Two plazas, one large and one small, will be created along the pedestrian walkway that traverses the site, and the adjacent Music Terrace (open space in K-Arena Yokohama) will be integrated into the area management plan to create a lively space that can host events and other activities throughout the year. Through this design, the entire district will be completed as an "entertainment district," aiming to become the birthplace of a diverse community.
In terms of building design, the high-rise east tower and mid-rise west tower have contrasting volumes, while the open space and terraces on the lower floors are designed to harmonize with the surrounding facilities. The East Wing, with its advanced glass facade and historical design interwoven into the low-rise portion, is designed to harmonize modern and classical elements typical of Yokohama. The west wing features a unique exterior design with white as its base color, and has a landmark quality befitting an educational and cultural facility. The plan has been certified by the Minister of Land, Infrastructure, Transport and Tourism as an excellent private-sector urban redevelopment project plan, and has been highly evaluated for its urban design values, including the creation of a lively atmosphere through the development of mixed-use facilities and various open spaces, and the enhancement of the surrounding pedestrian network. The certification also allows the project to receive preferential treatment in terms of financial support and special taxation measures, further increasing the feasibility of the plan.
The urban area is closely related to major facilities and transportation nodes in the surrounding area. The Music Terrace, centered on the adjacent K-Arena Yokohama (with a capacity of approximately 20,000 people), is integrated with a pedestrian deck and plaza, smoothly connecting the flow of people during events and daily traffic flow. The Yokohama Anpanman Children's Museum, a themed facility for children, is located on the east side of the building, and the synergistic effect with the planned museum facility is expected to improve the circulation of family visitors. The surrounding area already has a concentration of office, commercial, and tourist facilities, but the development of this area will create a new bustling center where tourists, students, workers, local residents, and other diverse people will gather, and the entire area will be revitalized.
In terms of transportation access, the site is located within walking distance of the Minatomirai Line's Shin-Takashima Station, and is also accessible from the East Exit of Yokohama Station in about 10 to 15 minutes on foot (with the possibility of further shortening the time with the construction of a pedestrian deck, etc.). As mentioned in the MLIT's reasons for approval, the project will contribute to the enhancement of the pedestrian network in the area, and is expected to improve connections with the existing pedestrian deck network and underground passageways. Once completed, the area will become an important nodal point between the flow of people from Sakuragicho and Rinko Park to Yokohama Station, and will dramatically enhance the circulation of people to and from the surrounding facilities.
The Minato Mirai 21 Central District 60/61 development project is attracting considerable attention from the perspectives of real estate investment and asset value.
First of all, the project is a large-scale complex development through public-private partnership, and one of its investment advantages is that it has been approved as an urban revitalization project by the government. With the approval of the excellent business plan, the special purpose company, which is the project entity, will receive support such as low-interest loans and tax incentives, which is expected to reduce development risk and improve business profitability. Such institutional support is a factor that positively affects the asset value formation of the project.
Secondly, the diversified income structure combining multiple uses can also be evaluated from an investment perspective. Having diverse revenue sources, such as office rental income, hotel and commercial tenant income, and income from the stable operation of the vocational school, diversifies economic fluctuations and market risks. In particular, the technical schools (educational facilities) are expected to have stable long-term demand as tenants, and as for offices, the Minato Mirai area has seen a string of corporate expansion in recent years and vacancy rates tend to remain low, so tenant demand for high-functioning offices is expected to be strong. As for hotels, Yokohama is an international tourist city, and high occupancy rates can be expected due to the expected demand for lodging when concerts and events are held at the adjacent music arena. The synergistic effect of such a mix of uses will be a factor supporting asset value.
In addition, the premium nature of the location will also enhance asset value. The main urban area is adjacent to K-Arena Yokohama, a large-scale customer-attraction facility, and is conveniently located near several tourist and commercial spots in the surrounding area. The completion of this area itself as an "entertainment district" will be a new landmark in central Yokohama, attracting attention both domestically and internationally. The City of Yokohama has also announced that the project is expected to "further create liveliness and revitalize the city" and may have a ripple effect on the surrounding real estate market as well. In fact, a virtuous circle is being created in the Minato Mirai 21 district as a whole, as large-scale investment projects such as the "Harbor Edge" project (luxury hotel and aquarium) in Block 62 are underway in the neighborhood, increasing asset values.
Finally, the fact that SMFL, a major financial institution, is participating in this project as a new pillar of its medium-term management plan, which includes real estate joint development, is also a reassuring sign of the high level of interest and expectations for this development. The fact that Kajima, a major construction company, will be responsible for the construction work is expected to ensure quality, and that Ken Corporation, the developer, already has a proven track record in the adjacent land, increases the likelihood of success by transferring its know-how to the project. These factors enhance the credibility of the project and make it attractive to investors and tenant companies alike.
As described above, the development of the 60th and 61st blocks in the Minato Mirai 21 Central District is a highly promising project not only in terms of urban planning value, but also in terms of investment and asset value. As a large-scale project that will mark the latter end of the redevelopment of the waterfront area in central Yokohama, there are high expectations for its future progress and the ripple effects it will have after completion.