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[NIKKEI Asia]Mitsui Fudosan to lead $5.8bn redevelopment of Tokyo’s Tsukiji market

Posted by Hana.A on May 6, 2024

Mitsui Fudosan to lead $5.8bn redevelopment of Tokyo’s Tsukiji market
50,000-seat stadium, commercial facilities, hotels and more planned for site

TOKYO — A Mitsui Fudosan-led consortium of companies has been chosen to redevelop the former site of the Tsukiji fish market in Tokyo, with plans including the construction of a large multipurpose stadium, the Tokyo Metropolitan Government announced on Friday.

Tokyo owns the approximately 20-hectare site, which has been vacant since the fish market, a popular tourist attraction, moved to a more spacious Toyosu area site in 2018.

The consortium has plans to build a 50,000-person-capacity stadium, as well as commercial facilities, offices, hotels and residential buildings. The stadium is expected to be all-weather and will be able to host a variety of events.

Other companies participating in the project include real estate and construction companies Yomiuri Shimbun Holdings, Toyota Fudosan, Kajima and Taisei Corporation.

Most of the facilities, including the stadium, will be completed in fiscal 2032, with the entire redevelopment project scheduled to be finished in fiscal 2038. Total costs are expected to reach approximately 900 billion yen ($5.8 billion).

A food-themed area will be developed in collaboration with the nearby Tsukiji outer market, which has continued to sell seafood and other products even after the main market moved. The area will be used to promote the area’s traditional food culture to both domestic and foreign consumers, the consortium said.

A facility for exhibitions will also be built, aiming to attract world-class events by collaborating with other convention centers.

In collaboration with medical institutions, an innovation center for life science and other fields will be built. A 1,200-person-capacity hall will also be constructed near the waterfront.

There are also plans to turn the site into a transportation hub. It will include a dedicated access point for buses and self-driving cars, as well as a ferry port that takes advantage of its location on Tokyo Bay and the Sumida River.

Helipads and landing points for flying cars are also planned.

The site’s redevelopment had been attracting attention for years. Two groups submitted plans for the redevelopment last year. The other group’s plan had themes including manga, anime and video games, but was disqualified because it did not satisfy proposal requirements.

Original source: NIKKEI Asia “Mitsui Fudosan to lead $5.8bn redevelopment of Tokyo’s Tsukiji market

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