Real estate developer Mitsui Fudosan Residential is planning a large-scale, luxury apartment project for the former Tokyo Service Center building in central Tokyo.
The Mita 1 Chome Project will include a 14-storey, 45.5 meter tall apartment building with as many as 900 apartments. Construction is scheduled to start in 2020 with completion tentatively planned for 2024.
The current art deco building was built in 1929 as the Ministry of Communications and Transportation Postal Life Insurance Building. There are plans to preserve a portion of this building and incorporate it into the new design.
Mitsui acquired the 26,000 sqm site in early 2018 for an estimated 85.03 billion Yen (approx. 803 million USD at the time). Given the potentially extraordinary price paid for the land and the investment required to develop the site, it seems likely that these 900 apartments, if offered for sale, would easily be priced well above 100 million Yen each.
Source: The Kensetsu Shimbun, July 25, 2019.
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