Three developers will soon embark on what is said to be the biggest post-Olympic redevelopment project in Tokyo. The redevelopment district includes the Imperial Hotel, NTT Hibiya Building, Mizuho Bank Uchisaiwaicho Building, and TEPCO Head Office Building.
The adjoining buildings are located directly across the street from Hibiya Park, and within the Uchisaiwaicho address.
Demolition of the current buildings is expected to start in late 2020 with completion of the entire project by 2036. The redevelopment site covers 70,000 sqm.
The project site will be split into three zones. The 9-storey, 58-year old NTT Hibiya Building is expected to be replaced with a 46-story office tower with a total floor area of 330,000 sqm. The new tower could be completed by 2025. The current building was designed by Hideo Kunikata (1913-1993) and completed in 1961 for the Nippon Telegraph and Telephone Public Corporation (now NTT). In 2003 it was selected by DOCOMOMO Japan as one of the country’s modern movement buildings.
The TEPCO and Mizuho Bank buildings on the Kokkai-dori Street side may be replaced with a 45-story mixed-use office and hotel tower to be completed by 2027. The Mizuho Bank building sits on a site that has been home to Mizuho and their predecessor since the late 1800s. The original bank building, dating from 1899, was relocated to Chiba Prefecture where it is now the Chiba Toyopet Head Office. The current building was designed by Yoshinobu Ashihara and completed in 1981.
The Imperial Hotel has yet to decide whether to rebuild or refurbish their existing buildings. The Imperial Hotel building was completed in 1970, while the neighboring 31-story office/hotel building at the rear was Japan’s first mixed-use building when completed in 1983.
There are a number of major redevelopment projects planned for central Tokyo post-2020. They include Mori Building’s 8-hectare redevelopment project in the Toranomon / Azabudai district, with an estimated project cost of 600 billion Yen (approx. 5.5 billion USD). Completion is expected in 2023. Mori has also been spending a few decades acquiring land in the Roppongi 5 Chome address for a long-rumored ‘Roppongi Hills 2’ style development.
Meanwhile, Mitsubishi Estate is in the process of building a 390-meter office tower on a 30,000 sqm site near Tokyo Station to be completed by 2027. Just down the street from Mitsubishi’s project is a US$10 billion redevelopment around the Nihonbashi Bridge planned by Mitsui. Completion could take place somewhere between 2030 and 2040. There is also the future proposed redevelopment of the former Tsukiji Fish Market site in Chuo-ku.
Source: The Nikkei Shimbun, July 29, 2019.
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