A real estate developer and video game company have joined forces to develop a high-rise office tower and game museum in Yokohama’s Minato Mirai 21 waterfront district.
Daiwa House Industry and an affiliated company of Koei Tecmo have signed a contract to purchase 6,199 sqm of nationally-owned land from the Ministry of Finance for 25.3 billion Yen (approx. 230 million USD). The price works out to around 4,000,000 Yen per sqm (approx. US$3,390/sq.ft). A further 5,618 sqm of city-owned land will be acquired in June 2022, bringing the total land size to a little over 11,000 sqm.
Plans are to build a 28-story office tower with a total floor area of 110,000 sqm, along with a separate building housing a game art museum and retail space. Construction is scheduled to start in January 2023 with completion by July 2026.
The Ministry of Finance had tried to auction off the land twice since 2011, with both attempts failing to attract any bids. A third, and successful, attempt was made in November 2020.
Yokohama’s Minato Mirai 21 district covers 186-hectares of waterfront in Yokohama. The land reclamation project began in 1983. Development slowed in the following years, especially after the collapse of the asset bubble in the late 1980s ~ early 1990s. It took three decades for 80% of the lots to be sold. Several lots still sit idle today but activity has picked up in recent years. In June 2020 a 22,188 sqm size was sold to a consortium of developers for 12.36 billion Yen (557,000 Yen/sqm) to build a 14-story mixed-use condominium, hotel, and aquarium by 2026.
The Kentsu Shimbun, August 17, 2021.
The Kanagawa Shimbun, June 25, 2021.
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