2019-11-30

8 Upcoming Developments That Will Transform Tokyo

Advice

There are currently dozens of large-scale real estate and urban development projects reshaping the city of Tokyo. Some of these are in preparation for the upcoming Tokyo 2020 Olympics, while other more long-term projects are scheduled to start after the Olympic Games have ended. In this article, we will list 8 of the major developments to keep an eye on, as the landscape and feel of the surrounding areas may change drastically after these new projects in Tokyo have been completed.

1. New National Stadium

"Tokyo National Olympic Stadium under construction, August 2019" by Tokyo-Good is licensed under CC 4.0

The original National Olympic Stadium in Japan was used to host the 1964 Tokyo Olympic Games. Although considered advanced for its time, the stadium has been in desperate need of an overhaul. With the upcoming 2020 Olympics, Japan is sure to once again wow the world with a beautiful and technologically modern venue.

The original design for the new Tokyo stadium was unveiled in 2012 by the late British designer Zaha Hadid. However, the design was met with mostly unfavorable reviews and found to be nearly impossible to build without exceeding the planned budget. Hadid’s design was subsequently canceled after a petition opposing the stadium design received over 80,000 signatures, including those from prominent Japanese architects, was sent to the Tokyo Olympic Committee. A new Olympic stadium design from Japanese architect Kengo Kuma has since replaced it.

Kuma's stadium design was completed this month and will hold its first sporting event, The Emperor’s Cup soccer final, on Jan. 1st 2020.

2. Takanawa Gateway Station

"Takanawa Gateway Station" by 江戸村のとくぞう is licensed under CC 4.0

Trains have long been the preferred mode of transportation for Tokyo residents. Without a doubt, the most important line is the Yamanote line, as it forms a loop from which you can reach all of the most popular destinations in Tokyo. There are currently 29 stations on the Yamanote Line, with the most recent station, Nishi-Nippori, being opened way back in 1971.

The 30th station on the Yamanote Line, Takanawa Gateway Station, is scheduled to open in 2020, just in time for the Tokyo Olympic Games (although final construction won’t be completed until 2024). The new stop will be located between Shinagawa and Tamachi stations.

3. Tsukiji Elevated Park

"Elevated Park in Tsukiji" released by Chuo City Office

The former Tsukiji Fish Market site, once a popular tourist attraction for the Chuo-ku area before its relocation, has announced redevelopment plans that would add an elevated park to run along the rooftops of buildings in the Ginza area. The park would replace the current Tokyo Expressway (KK Line).

The plan, which drew inspiration from the Highline park in New York, aims to bring new life into the Ginza area. The project is currently estimated for completion in 2029.

4. Tokyo 2020 Olympic Village

"Tokyo 2020 Olympic and Paralympic Village, Harumi Flag" by Mitsui Fudosan Residential Co., Ltd. presented to Bureau of Olympic Games Tokyo 2020 Preparation Committee

The Tokyo 2020 Olympic Village is being built on a 13.39-hectare plot at Harumi Wharf. The project, which is located in the Harumi 5-Chome area of Chuo Ward, is expected to house some 17,000 athletes from around the world. The completed project will consist of 21 residential and 2 commercial buildings. Facilities will include elderly support services, serviced apartments for foreigners, and share houses for young people. The total cost is estimated at around 207 billion yen (2 billion USD). After the Olympics have concluded, the residential units will be retrofitted and sold under the Harumi Flag namesake. This is expected to bring over 4,000 units into the Tokyo property market. The newly-built area will also have a dedicated BRT line which will offer direct access to the city center.

5. Nihonbashi District Redevelopment

"Rendering of Proposed Nihonbashi Redevelopment" by Mitsui Fudosan Residential Co., Ltd.

A business district located in Chuo Ward will be fully redeveloped by the largest developer in Japan, Mitsui Fudosan. The entire area will see a complete overhaul, including the installation of canals, and burying the expressway that currently runs atop the Nihonbashi River to build a massive entertainment/commercial district spanning 1.22 million square meters. This long-term development is estimated to be completed in 2040 at a cost of 1 trillion yen (10 billion USD).

6. Tallest Building in Shibuya

"Rendering of Shibuya Scramble Square" by Shibuya Scramble Square

A new highrise facility directly connected to Shibuya Station was opened on November 1st of this year. The building, named Shibuya Scramble Square, stands 47 stories tall and features a rooftop observation deck that showcases spectacular views of Tokyo Tower, Mt. Fuji, and the famous Shibuya Crossing Intersection. The rooftop observation deck also has a café bar on the 46th floor with panoramic views of the city.

7. Toranomon-Azabudai Project

"Completion image of Toranomon / Azabudai project" by Mori Building Company

A new area of Tokyo will be built in the Minato Ward by the Mori Building Company. Three huge towers will dominate the skyline along with a gigantic garden pergola that will be the focal point of the new area. The site will include offices, residential and retail buildings, a school, a temple, and multiple power stations. The project cost is estimated at 5 billion USD, and will be completed in March 2023.

8. Hibiya Park Area Redevelopment

"The Imperial Hotel Tokyo" by Kakidai is licensed under CC 3.0

The redevelopment of a space currently occupied by 3 office towers located directly across from Hibiya Park will be one of the biggest projects planned after the Olympic Games have ended. The buildings tentatively scheduled to be demolished currently include the NTT Hibiya Building, the TEPCO Building, the Imperial Hotel, and the Mizuho Bank Building. All of the buildings were constructed between the 1960s and 1980s. The total area to be redeveloped is around 70,000 square meters and construction is scheduled to start in late 2020. This long-term project has a scheduled completion date of 2036.

As you can see, there are many exciting new projects in the works on the Tokyo real estate front. These new projects in Tokyo will reshape the identity of entire neighborhoods, and possibly have a positive impact on home values in those areas. To get a list of the latest properties for sale near these upcoming developments, please contact us via the form below!