The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).
An environmental assessment for the Roppongi Itchome Project was submitted to the Tokyo Metropolitan Government with plans for a 180 meter tall, 43-storey apartment tower and a 115 meter tall, 21-storey office tower. The two buildings will have a total floor area of 111,000 sqm (1,194,000 sq.ft), of which almost 60% will be for residential apartments.
Construction is tentatively scheduled to start in 2021 with completion by 2024 ~ 2025.
Hotel Okura Tokyo’s main hotel building opened in 1962. The modernist masterpiece was designed by Yoshio Taniguchi. Despite the outcry from architectural fans, it was demolished in 2015. The new hotel will open in a high-rise glass tower in September this year. The adjoining 388-room annex, built in 1973, has continued to operate. It is expected to operate until 2020.
The Toranomon / Roppongi district has a resident population of 13,600 as of 2018, a 5.7% increase since 2014. The Roppongi 1 Chome address, where this project is located, has a population of just 2,464 due to the limited supply of apartments. However, this address has seen a 6.7% increase in population over the past four years.
Toranomon is an area we encourage our buyers to consider because of the massive transformation it is undergoing over the next 5 ~ 10 years. Developments are great for an area in terms of improved livability, convenience, attractiveness and for future resale and rental potential.
Toranomon-area developments include:
- A new subway station on the Hibiya Line that will connect directly to Toranomon Hills. Partial operation of the new station is expected sometime in 2020.
- The Okura Tokyo. The new 508-room hotel replacing the old Hotel Okura Tokyo is scheduled to open in September 2019. This is a 110 billion Yen (approx. 1 billion USD) project that includes a 188m, 41-storey tower and a 75m, 17-storey tower including the new hotel and office space. Nightly room rates are expected to be 45,000 ~ 70,000 Yen and up.
- Tokyo World Gate. A 180m tall office/apartment/hotel building located just south of the Hotel Okura Tokyo. Completion is scheduled for 2020.
- Toranomon-Azabudai District Redevelopment. A 3-tower mixed-use project by Mori Building covering a 8.1 hectare site. It will include a 323m, 65-storey apartment and office tower with a penthouse of over 1,000 sqm (10,760 sq.ft). Completion is tentatively scheduled for 2023. This project has been 30 years in the making.
- Mori Building is also construction three new high-rise office and apartment towers around their Toranomon Hills tower. The 400 billion Yen (approx. 3.6 billion USD) project is expected to be completed by around 2022 or later.
Sources:
The Toyo Keizai Shimbun, February 14, 2019.
The Kensetsu Tsushin Shimbun, February 13, 2019.
