A major developer has acquired a traditional ryotei restaurant building in Ginza with plans to demolish it and replace it with an office tower.
Tokyo Kitcho Honten opened in 1961 as a branch of the Osaka-based Kitcho brand of high-end Japanese dining. They have restaurants in Osaka, Kyoto, Kobe, and Tokyo, and in various hotels. In 2013, the Daily Mail reported that Kyoto Kitcho Arashiyama was one of the most expensive restaurants in the world with an average price of $600 per person, although the most expensive item on their current menu is the omakase course starting at 100,000 Yen (US$900) per person.
The restaurant temporarily closed its doors in January 2021, citing an ageing building.
The land is a little over 700 sqm in size with commercial zoning and a FAR of 700%. Land values in this part of Ginza have increased by around 80% over the past 10 years, but are still half of what they were during the unsustainable highs during the 1980s ~ early 1990s bubble economy.
Source: Nikkei Business Publication, June 17, 2021.
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