Idle ocean-front land in Miura sold to Chiba buyer

Properst Miura Land 1

An idle parcel of ocean-front land in Miura, Kanagawa, will be sold to a Chiba-based company later this year. The 13.5 hectare (1.45 million sq.ft) site is currently owned by Properst, a Tokyo-based developer. The sale price has not been disclosed and it is unclear what the new buyer plans to do with the site.

The site was developed by Seibu Railway between 1955 and 1965. It was originally an inlet, but the land was reclaimed to create a potential tourist destination. Properst acquired the site in early 2007 for 8.1 billion Yen (approx. 67.5 million USD at the time) and planned to construct several apartment buildings containing 1,400 units, a 140-room hotel, marina, retail, 152 residential building lots, and parkland. The project would have housed around 3,000 residents. This was exciting news for Miura City, which had been battling a declining and ageing population.

Properst Miura Land 2
The original development plans.

Construction was scheduled to start in 2012 with completion by January 2014. However, the global financial crisis in 2008 put an end to Properst’s plans. The company filed for bankruptcy in 2010 under the Civil Rehabilitation Law. Afterwards, they sold part of the land fronting the 134 National Highway.

Location

Hassemachi Irie, Miura City, Kanagawa Prefecture

Sources:
TownNews, September 11, 2015.
Kentsu Shimbun, September 1, 2015.

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