More details have been announced for the redevelopment of a historic art deco building near Azabu Juban in Tokyo. Real estate giants Mitsui Fudosan and Mitsubishi Estate will be turning the site into over 1,000 luxury apartments.
The 2.6-hectare site was home to the Ministry of Communications and Transportation Postal Life Insurance Building. Dating from 1929, this was one of a small number of rare surviving examples of art deco architecture in Tokyo until its demolition earlier this year.
The Mita 1 Chome Project will include 1,100 apartments split over five, 45-meter tall, 14-story buildings. Part of the entrance of the former building will be kept and featured in the new development. Completion is tentatively scheduled for 2024.
Mitsui acquired the land in early 2018 for an estimated 85.03 billion Yen (approximately 803 million USD at the time). This works out to around 3,270,000 Yen/sqm. Although there are no details yet on if or when apartments will be available for sale, given the high land acquisition price and construction costs, it is likely that they would need to be priced over 100 million Yen each. And in this neighborhood, that’s not a stretch.
The Nikkei Shimbun, August 19, 2020.
Minato City Homepage.
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