The semi-governmental Urban Renaissance Agency is seeking a partner for a large-scale redevelopment project in Toranomon.
The Toranomon 1 Chome Central District Type 1 Urban Redevelopment Project covers a 6,500 sqm site across the street from the Toranomon Hills Business Tower. The neighborhood is part of a Designated Urban Regeneration Urgent Improvement District. This designation is given to zones that are considered to offer high potential for creating globally competitive business districts. Special floor-area ratio allowances and financing incentives may be offered to encourage redevelopment. Over 3,000 hectares of land in Tokyo has this designation.
Tentative plans suggest a 35-story, 180-meter tall mixed-use tower potentially for office, retail and residential use, and with a total floor area of around 112,000 sqm (1.2 million sq.ft). One of the application requirements is that the project partner has recent history of managing and operating office space of over 100,000 sqm in newly-built buildings within Tokyo’s 5 wards. The partner must also be licensed under Japan’s real estate transaction law. Applications close June 6, 2023.
Several city blocks to the north-east of this site are also in the process of redevelopment, with demolition of the existing buildings to start shortly. This 108 billion Yen (US$795 million) project will see a 29-story, 180-meter tall office tower built on a 6,400 sqm site with completion tentatively scheduled for late 2026.
Source: Urban Renaissance Agency News Release, April 26, 2023.
