Tokyo is currently undergoing a large-scale urban redevelopment project that has been described as a "once in a century" project. Projects involving infrastructure improvements, new commercial facilities, and improved transportation access are being planned and implemented one after another throughout the metropolitan area, transforming the landscape and functions of the city.
Reasons for Redevelopment
The main reasons for Tokyo's rapid redevelopment are as follows
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Strengthening international competitiveness: As Asian cities continue to develop, Tokyo needs to improve its urban functionality to become a "hub for people and businesses" and a "logistics hub.
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Replace aging infrastructure: Many old buildings built during the bubble era are in need of rebuilding.
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Improvement of urban disaster prevention functions: Aiming to create a city that is more resilient to disasters, we are working to improve earthquake-resistant buildings and wide-area evacuation sites.
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Improvement of transportation infrastructure: Convenience is being enhanced through the reorganization of railroad stations, the establishment of new stations, and the expansion of the pedestrian network.
Current Status and Plans for Major Redevelopment Areas
1. the Yaesu/Tokyo Station area (Chiyoda and Chuo wards)
Major Projects: 1.
- TOKYO TORCH Project (redevelopment of the Tokiwa-bashi district): Redevelopment project including the 390-meter-high Torch Tower, scheduled for completion in 2028.
- Tokyo Midtown Yaesu: already opened in 2023.
- TOFROM YAESU (Yaesu 1-chome East Area B): A 51-story, 249-meter skyscraper is under construction, scheduled for completion in 2025.
- Yaesu 2-chome Naka Area Redevelopment: Large-scale office and commercial building and underground bus terminal to be completed in 2028.
- Yaesu 1-chome North Area Redevelopment Project: Completion scheduled for FY2032.
Features
- International business center with direct access to Tokyo Station
- Improved transportation access with a huge bus terminal
- Enhanced office area with cultural and hall functions
2. Nihonbashi Area (Chuo Ward, Tokyo)
Major Projects
- Nihonbashi Revitalization Plan (Stage 3): Wide-area development linked to the undergrounding of the Metropolitan Expressway.
- Nihonbashi 1-chome Naka District: 52-story skyscraper under construction, scheduled for completion in 2025-26.
- Nihonbashi Muromachi 1-chome district: 33-story building complex, scheduled for completion in 2028.
- Nihonbashi 1-chome East District: 2 skyscrapers to be opened in phases until 2038.
Features: 1.
- The concept is to "preserve, revive, and create".
- Restoration of the scenery along the Nihombashi River through the undergrounding of the Metropolitan Expressway
- Coexistence of historical landscape and cutting-edge urban functions
3. Toranomon/Azabudai Area (Minato Ward)
Major Projects: Azabudai Hills
- Azabudai Hills: 3 towers, including the 330-meter-high Mori JP Tower, to open in 2023.
- Toranomon Hills Area Expansion: Multiple towers already completed.
- Toranomon 1-chome East Urban Area Redevelopment Project Type 1: Construction to begin in 2024.
Features: " Surrounded by greenery.
- The concept is "a town like a plaza surrounded by greenery, where people can connect with each other.
- Sustainable urban model with approximately 24,000 m2 of green space
- International schools and other international functions
4. Shibuya Station Area (Shibuya Ward, Tokyo)
Major Projects: Shibuya Scramble Square
- Shibuya Scramble Square: East wing will open in 2019. Central and West wings to be completed in 2027.
- Shibuya Sakura Stage (Shibuya Sakuragaoka-guchi district): 39-story mixed-use building to be completed in 2023 and fully opened in summer 2024.
- Dogenzaka 1-chome Station Area Redevelopment: Construction is scheduled for completion in 2027.
Characteristics: 1.
- From a "City for Young People" to a "Mature International City and Creative City
- Improvement of transfer lines through reorganization of railroad terminals
- Change in industrial structure due to the concentration of IT companies
5. Shinjuku Area (Shinjuku Ward)
Major Projects
- Nishi-Shinjuku Area Redevelopment Plan: Long-term plan to around 2040. Development of skyscrapers.
- Shinjuku Station facilities reorganization (Grand Terminal Concept): New station building and station plaza to be redeveloped by the mid-2030s.
- Shinjuku Station West Exit Area Redevelopment: Construction of a 48-story high-rise building, scheduled for completion around 2030.
Features: 1.
- Modernization of one of the world's largest terminals
- Renewal of aging high-rise buildings
- Integrated urban development to enhance east-west circulation
6. Shinagawa/Takanawa Gateway Area (Minato-ku, Tokyo)
Major Projects: Shinagawa Station West Exit Area Redevelopment
- Shinagawa Station West Exit Area Redevelopment: North District (2025-2030), South District (2025-2036).
- Takanawa Gateway City: scheduled to open in 2024 or later.
Features: 1.
- Starting point of the Linear Central Shinkansen Project
- Integrated development centered on the new station (Takanawa Gateway Station)
- Strengthening of functions as a center for international business and exchange
Harumi and Tokyo Bay Area (Chuo and Koto wards)
Major Projects: Harumi Flag
- HARUMI FLAG (Harumi 5-chome West Area Redevelopment): Large-scale residential development with 5,632 units, scheduled to open in 2024.
- TOYOSU SAIL PARK: An 18-story, 97-meter-high, 15-story, 87-meter-high mixed-use development.
- Kachidoki East Urban Area Redevelopment Project Type 1: Building B has 29 floors and measures approximately 106 m. Completion is scheduled for 2026.
Features: 1.
- One of the largest new residential developments in Tokyo
- Introduction of new transportation systems such as BRT (Bus Rapid Transit)
- Creation of urban space utilizing the characteristics of the waterfront
Future potential and asset value of the redevelopment area
Redevelopment areas are also attracting attention from a real estate investment perspective:
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Increased asset value: The improvement of surrounding roads and the construction of new commercial facilities are likely to increase asset value by improving convenience.
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Improved land branding: Redevelopment improves the image of the area and is expected to maintain asset values over the long term.
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Stable tenant demand: Office buildings equipped with the latest facilities are in high demand from domestic and international companies, and rents are expected to rise and vacancy rates to decline.
However, there is a risk that redevelopment plans may not go as planned and convenience may not improve as much as expected.
Conclusion
Tokyo's redevelopment plan will be developed and completed in phases from the 2020s to mid-2030s. This large-scale urban renewal, which is said to occur "once in a century," is expected to transform Tokyo's urban functions, improve its international competitiveness, and enhance its living environment.
These redevelopment projects are not merely building renewal, but are also important projects that will shape Tokyo's future from multiple perspectives, such as improving the city's disaster resistance, enhancing cultural and commercial functions, and expanding the transportation network.
Each area has its own distinctive development concept, and each area is being developed with a different appeal, such as preserving historical values, introducing cutting-edge functions, and blending international and regional characteristics.
For more detailed information, please refer to the Tokyo Metropolitan Government Bureau of Urban Development website, where you can check the names of districts that have been selected for redevelopment and a list of their progress.