Shirokane 1-Chome Redevelopment: Transforming Luxury Living in Tokyo

Quoted from the Minato Ward website

A large-scale mixed-use redevelopment project centered on a 39-story, 140-meter-high tower condominium is underway in a location just a 3-minute walk from Shirokane-Takanawa Station. The Shirokane 1-chome West Central Area Redevelopment Project is planned to create an attractive urban complex that integrates residential, commercial, and industrial functions in an area of approximately 1.6 hectares. The project aims to realize a "safe and spacious town where liveliness and life are in harmony" by enhancing disaster prevention functions through the development of roads and an approximately 3,300 m2 plaza.

Demolition of this Minato Ward redevelopment project is scheduled to begin in 2024 and be completed in 2028. The surrounding area is already lined with high-end residential buildings such as "Shirokane AEL City" and "Shirokane the Sky," which is expected to further accelerate the soaring of Shirokane-Takanawa real estate values. The redevelopment of the Shirokane-Takanawa area is also attracting attention as an investment target that is expected to maintain and increase asset values.

Outline and Characteristics of the Project

Purpose and Background of Redevelopment

The main objective of the Shirokane 1-chome Western Middle Area Redevelopment Project is to create an attractive urban complex that integrates residential, commercial, and industrial functions by addressing the current issues of narrow roads and lack of continuity in the shopping area. Specifically, the following issues will be addressed

1. Formation of a safe urban infrastructure: Rebuilding the current sectioned roads without narrow sidewalks and improving the infrastructure to function even in the event of a disaster.
2. Revitalization of the community: Creation of liveliness in conjunction with the redevelopment of the Shirokane shopping district
3. Improvement and enhancement of housing functions: Introduction of high-quality urban housing (991 units in total)
4. Maintaining factory functions: Appropriate placement of factory functions, a local industry

This redevelopment will resolve the disaster prevention issues caused by narrow streets and the mix of housing and factories, and will realize the renewal of urban functions as a redevelopment project in the port district.

Plan Details and Facility Configuration

The project area is divided into three blocks (Block A, Block B-1, and Block B-2), each of which is planned to have distinctive facilities.

Particularly noteworthy as a Shirokane-Takanawa Station tower condominium, the A block is planned to include a high-rise tower with 39 floors above ground and one below, and a mid-rise tower with 14 floors above ground.

Location and Transportation Access

The building is conveniently located only a 3-minute walk from Shirokane-Takanawa Station, with access to both the Tokyo Metro Namboku Line and Toei Mita Line. The Shirokane area, known as an upscale residential area in the Jonan district, offers excellent access to the city center and to major areas such as Roppongi, Akasaka, Shinagawa, and Shibuya.

The Shirokane shopping district is located in the neighborhood, providing a convenient environment for daily shopping. In the future, a two-tiered pedestrian deck and shuttle bus service connecting Takanawa Gateway Station to the Shirokane-Takanawa and Sengakuji stations are being considered, further improving transportation convenience.

Project Details

Development Plan and Height Limitations

The following development plans are planned for this redevelopment project, including the Shirokane 1-chome Plaza

1. Development of demarcated roads

   • Parcel Road No. 1: 10m wide, approx. 150m long (new construction)
   • Compartmented road No. 2: 10m wide, extended approx. 130m (widened)
   • Zoned road No. 3: width 8m, extension approx. 110m (widened)

2. New construction of plaza

   • Establishment of a plaza including "Nigiwai Plaza" of approx. 3,300 m2
   • To be used for relaxation and rest of the community, and as an evacuation site in case of disaster

3. Development of sidewalk-like open space

   • Establishment of 2 to 5 m wide sidewalk-like open space along the roads on all four perimeters
   • Convert power lines to underground poles.

Building height restrictions are set at 60m along Okubo Street in Area A and 140m or less at the highest point, and the area facing the Shirokane Shopping Street Redevelopment Project is kept low.

Composite layout of residential, commercial, and factory buildings

The project is characterized by the harmonization of residential, commercial, and factory functions as a platinum complex.

1. Residential function

   • A block: 973 high-rise and mid-rise condominiums
   • B-1 and B-2 blocks: 18 low-rise condominiums in total
   • High-quality urban housing that accommodates a variety of lifestyles

2. Commercial function

   • Store layout emphasizing continuity with the Shirokane shopping district
   • Commercial space that creates a lively community

3. Factory function

   • Concentrate the factory functions of local industry in the B-1 district
   • Maintain local industry in harmony with the residential environment

4. Childcare support facilities

   • A childcare support facility with a capacity of approximately 60 children is located on the second floor of Block A.
   • Creation of a living environment that accommodates dual-income households

Public space and disaster prevention functions

Reinforcing the redevelopment disaster prevention function is one of the key objectives of this project. The approximately 3,300 m2 plaza will serve not only as a place for relaxation during normal times, but also as an evacuation site in the event of a disaster.

The following facilities are also planned as disaster prevention measures

1. Disaster prevention stockpile warehouse

   • Residents' disaster prevention stockpile warehouses (approx. 100 m2 class) will be installed at a ratio of one per two floors.

2. Private power generation facilities

   • An 870kW in-house power generation facility will be installed to secure power in the event of a disaster.

3. Rainwater runoff control

   • Approximately 960 tons of rainwater runoff control facilities have been installed to prevent torrential rainfall.

4. Earthquake Resistance

   • Building design meets the latest earthquake resistance standards.

With these facilities, the Shirokane 1-chome West Central Area Redevelopment Project will also serve as a regional disaster prevention center.

Project Progress and Schedule

History of the project

The following is a brief history of the Shirokane 1-chome Western Central Area Redevelopment Project.

Tokyu Land Corporation and other participating partners (Taisei Corporation, Mitsui Fudosan Residential, Taisei Yuraku Real Estate, and Japan Post Real Estate) are promoting the project.

Future Schedule

The future development schedule is as follows

Demolition work is currently underway (as of May 2025) and is scheduled to continue until the end of July 2025. Thereafter, construction of the main building is scheduled to begin in June 2025.

Outline of Rights Conversion Plan

The rights conversion plan was approved by the Governor of Tokyo on February 9, 2024. Conversion of rights refers to the conversion of the rights of previous land and building owners in a redevelopment project to the floor space of a newly constructed facility. In this project's rights conversion, the optimal layout of residential, commercial, and factory functions was achieved while taking into consideration the landowners' intentions.

According to the land use plan, the land for public facilities will be increased from approximately 2,381 m2 to approximately 3,695 m2, and the land for roads will be expanded. Residential land is reduced from approximately 13,460 m2 to approximately 12,146 m2, with a reduction of approximately 10%. The effective vacancy rate is as high as approximately 66.4%, and the property is characterized by a spacious space configuration.

Surrounding Environment and Future Prospects

Cooperation with Surrounding Redevelopment

The Shirokane 1-chome West Central Area Redevelopment Project is being undertaken in conjunction with other redevelopment projects in the surrounding area. Major related projects include

1. Shirokane AEL City

   • A mixed-use complex completed around 2005
   • Consists of Shirokane Tower (42-story residential tower) and NBF Platinum Tower (26-story office tower)

2. Shirokane 1-chome East North District (SHIROKANETheSKY)

   • High-rise tower condominium to be completed in 2022
   • Value increased from approx. 6.8 million yen/m2 when newly built to approx. 9 million yen/m2 now

3. Takanawa Gateway Station Area Development

   • Promoting the transformation of the entire Shinagawa-Takanawa area into an international business hub
   • Synergistic effects with the Shirokane-Takanawa area are expected

These multiple redevelopment projects are progressing in phases to promote advanced use and value enhancement of the entire area.

Shirokane-Takanawa Area Real Estate Value

Shirokane-Takanawa real estate values are far above the Tokyo average, even for existing used condominiums. The average price appreciation rate for existing condominiums in the area is as high as 60%, and the Shirokane AEL City Shirokane Tower and SHIROKANETheSKY, which are directly connected to the station, tend to have particularly high price appreciation rates.

Condominiums built in redevelopment areas tend to maintain high asset values for the following reasons

1. Well-developed streetscape

   • The entire city block, including sidewalks and plazas, has been developed, creating a beautiful landscape
   • Convenient living environment is guaranteed

2. Complex functions

   • Parks, commercial facilities, childcare facilities, and other facilities necessary for daily life are within walking distance
   • Highly convenient for daily life

3. Transportation access

   • Conveniently located just a 3-minute walk from Shirokane-Takanawa Station
   • Easy access to central Tokyo

Given these factors, the tower condominiums in this project are also likely to maintain and increase their high asset value.

Attractiveness as a real estate investment

Redevelopment properties in the Shirokane-Takanawa Station area are attractive from a real estate investment perspective. The reasons for this are as follows

1. Area Brand

   • Brand strength as an upscale residential area in Minato-ku
   • Good living environment and high social reputation

2. Scarcity

   • Limited land available for large-scale development in close proximity to the city center
   • High possibility of limited new supply after completion

3. Future Plans

   • Linear Central Shinkansen Line is scheduled to open at Shinagawa Station in the early 2030s
   • Transportation infrastructure development that contributes to value enhancement in the entire Takanawa area

These factors make the Shirokane 1-chome Western Middle Area Redevelopment Project a real estate investment target from a long-term perspective.

Conclusion

The Shirokane 1-chome West Central Area Class 1 Urban Redevelopment Project is a large-scale project that aims to create an urban complex integrating residential, commercial, and industrial functions in a prime location just a 3-minute walk from Shirokane-Takanawa Station. In an area of approximately 1.6 hectares, a total of 991 residential units, including a 39-story tower condominium, stores, childcare support facilities, and factories will be developed.

The project's features can be summarized as follows

1. Composite functional layout: Creation of a vibrant town through the integration of residential, commercial, and factory functions
2. Development of an approximately 3,300 m2 plaza: Providing both a place for relaxation during normal times and an evacuation site in the event of a disaster
3. Expansion of roads and sidewalks: Ensuring safe walking space and smooth vehicle flow
4. Reinforcement of disaster prevention functions: Installation of private power generation facilities and disaster prevention stockpile warehouses, etc.
5. Cooperation with the Shirokane shopping district: Creation of a lively community and improved circulation

Demolition of the redevelopment project is scheduled to begin in March 2024, with construction of the main structure scheduled to begin in June 2025 and be completed in fiscal 2028. In conjunction with the existing redevelopment in the surrounding area, the value of the entire Shirokane-Takanawa area is expected to increase.

Shirokane-Takanawa real estate values are already at a high level, and are expected to increase further with the completion of this redevelopment project. The area is also attracting attention as a real estate investment because of its high-quality living environment and easy access to the city center.

Frequently Asked Questions

Q1:When is the Shirokane 1-chome West Central Area Urban Area Redevelopment Project Type 1 scheduled for completion?

A: The project is scheduled for completion in fiscal 2028, with demolition work scheduled to begin in March 2024 and the main construction work to start in June 2025.

Q2:What is the total number of units in the redevelopment area?

A:The total number of units is 991. The breakdown is 973 units in the A-area, 12 units in the B-1 area, and 6 units in the B-2 area.

Q3:Which companies are participating in the redevelopment project?

A: Five companies are participating in the project as participating partners: Tokyu Land Corporation, Mitsui Fudosan Residential, Taisei Corporation, Taisei Yuraku Real Estate, and Japan Post Real Estate Co. Taisei Corporation serves as the specific business agent, and UD Urban Architects & Building Research Institute is the coordinator.

Q4:What is the transportation access to the development site?

A: The site is conveniently located just a 3-minute walk from Shirokane-Takanawa Station on the Tokyo Metro Namboku Line and Toei Mita Line. It is a highly convenient environment with good access to all major stations in central Tokyo.

Q5:How will the redevelopment affect the value of the surrounding real estate?

A: The average price increase for existing condominiums in the Shirokane-Takanawa Station area is as high as approximately 60%, and the completion of the redevelopment is expected to further increase the value of real estate in the area. Due to the high-quality living environment and easy access to the city center, asset values are expected to be maintained and improved.

For the latest information on the redevelopment of the Shirokane 1-chome Western Middle Area and the Shirokane-Takanawa Station tower condominiums for sale, please feel free to contact INA&Associates. We also provide consultation on real estate investment and home purchase.