Daikanyama retail to be replaced with residential building

La fuente Daikanyama, a low-rise retail complex in the heard of the Daikanyama district, will soon be demolished to make way for an apartment building. The retail mall will close in July 2018.

The retail space opened in 2000 in a prime position alongside Hachiman Street. The timing of the opening coincided with the completion of the mixed-use Daikanyama Address residential tower across the street, with the two new retail zones becoming local landmarks.

The La fuente property was owned by Kawasaki Kisen Kaisha (aka. “K” Line), a Japanese transportation company and 14th largest shipping company in the world. Last year they agreed to sell the property and adjoining car park to Nomura Real Estate, reporting a 6.9 billion Yen (approx. 62 million USD at the time) profit on the sale. Nomura is planning a 108-unit apartment building for the site.

Nomura is also developing a 4-storey, 15-unit luxury condominium less than 100 meters behind La fuente, with completion tentatively scheduled for September 2018. Apartments ranged in size from 92 ~ 142 sqm (990 ~ 1,528 sq.ft) with prices ranging from 200 ~ 400 million Yen. Sales began in September 2017 and all apartments had sold out within weeks.

Location

11-1 Sarugakucho, Shibuya-ku, Tokyo

Sources:
The Shibuya Keizai Shimbun, June 21, 2018.
Nikkei Business Publications, April 6, 2017.