Japan’s first privately-developed condominium to be redeveloped
After 61 years, Japan’s first privately-developed condominium - Yotsuya Co-Plus - is going to be redeveloped. On May 30, all apartment owners in the 28-unit building voted in favor of redevelopment. Redevelopment discussions first began back in 2006.
Yotsuya Co-Plus was completed in October 1956. The 5-storey building had apartments ranging from 50 ~ 75 sqm (538 ~ 807 sq ft) in size. 24 of the 28 apartments were two-story maisonette-type units. When new, a 3-bedroom apartment would have sold for 2,330,000 Yen, which was about 20 times the annual salary of a university graduate and more than double the average cost of a detached house at the time. Home loans were also not very common in those days, so the developer offered the apartments for sale under monthly installment plans.
More than half of the apartments are currently owned by either the original owners or their heirs. In the past 30 years there have only been 2 reported resales in the building. Read more
Second building in Yokohama to be rebuilt due to faulty foundations
On April 30, apartment owners in a 262-unit residential complex in Yokohama voted in favor of redeveloping the five buildings after it was discovered that the foundations were not sunk deep enough. Back in 2013, residents noticed that one of the buildings was starting to lean after handrails between two buildings were out of alignment.
Residents of the 14-year old building faced a lengthy process, with the developer and construction company initially denying there was any fault with the building. Soil boring tests in 2014 confirmed that the foundation piles were too short and did not reach bedrock, causing one of the buildings to tilt. Reinforcing bars in the foundations of the other four buildings were also found to have been cut. Read more
Floor space ratios may be relaxed for pre-1981 buildings in Tokyo
The Tokyo Metropolitan Government is considering introducing regulations that would relax floor-space ratios when redeveloping old apartment buildings in the city. This would allow for the additional space to be sold by a real estate developer, which would help to cover the costs of redevelopment.
The target of the revision is condo-style apartment buildings that were built to the old earthquake codes (kyu-taishin). The major change to earthquake codes occurred in May 1981, with buildings built after this date meeting the current codes. Due to the time period from construction to completion, there are some buildings from 1982 that may have been built to the old ‘kyu-taishin’ codes.Read more
First heritage de-listing for Kyoto City as 90-yr old bookstore is about to be demolished
Demolition of the 90-year old Heirakuji Bookstore in downtown Kyoto will begin this month as the owner can no longer afford to maintain the aging building.
The building was registered as a National Tangible Cultural Property in 1998. The heritage listing will be removed due to the demolition of the structure. This is the first time a national heritage listing has been removed from a property in Kyoto City and the second time for Kyoto Prefecture.Read more
Harajuku Station Front Project to include retail and residential
NTT Urban Development Corporation will start work on the Harajuku Station Front Project later this year. The 5,000 sqm site is located in a prime position directly across the street from Harajuku Station and the greenery of Meiji Shrine and Yoyogi Park. This is likely become a retail and residential landmark building.Read more
Nomura to lead redevelopment project in Akasaka 7 Chome
According to an investor relations report by Nomura Real Estate Holdings, the developer will be participating in the Akasaka 7 Chome 2 District Redevelopment in central Tokyo.
Nomura will receive approximately 200+ apartments as part of the deal. The project is still in the planning stages, but construction could start sometime in 2020 with completion sometime between 2023~2025. These dates have been pushed back from earlier estimates and it is possible they could be delayed further. News of the project first surfaced back in mid-2014 when landowners formed a redevelopment committee.Read more
215m tower for Minato Mita District
Details on Sumitomo’s redevelopment of a 4 hectare site just west of Mita Station in Tokyo have been released. The Mita 3 and 4 Chome District Redevelopment will include a 215m tall, 42-storey office tower, as well as several low-rise residential buildings. Construction is scheduled to start in 2018 with completion by 2023.Read more