The now-vacant site of the former Tsukiji Fish Market might be put up for sale, according to the Mainichi Shimbun newspaper. The 23-hectare waterfront site is within walking distance to Ginza. Its massive size and location make it an appealing target for developers.
Back in 2019, the Tokyo Metropolitan Government announced a plan to redevelop the site into an international conference and exhibition center, with a world-class hotel. Rather than sell the land, the government’s stance has been to lease it. In June 2020, Governor Koike denied any plans to sell. Since the onset of the coronavirus, the city’s finances have taken a hit, with rumors circulating that a disposal sale might now be on the cards.
A few years ago the land had a market value of 460 billion Yen but recent improvements in the real estate market over the past few years have seen its value jump to around 550 ~ 560 billion Yen (approx. 5.2 billion USD). The Mainichi Shimbun newspaper now suggests a price of 1 trillion Yen (approx. 9.4 billion USD) would still attract buyers.
The fish market relocated to its new location on Toyosu island in October 2018, with demolition of the old, 80-year old fish market and surrounding buildings starting shortly after. The 23-hectare site was expected to be used as a temporary bus terminal for the now-delayed 2020 Olympics. Part of the No. 2 Arterial Road will pass through the southern end of the site, providing much needed transportation links between the logistics facilities on the bay islands and Tokyo.
Source: The Mainichi Shimbun, September 3, 2020.
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