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TOKYO (Aug. 22): Mori Building Co has begun work on a $ 5 billion real estate project, which will include Japan's tallest building and focus on foreign residents, in the final sign the growing interest of developers for Tokyo beyond the 2020 Olympics.
Mori Building, known for its "Hills" properties, announced Thursday it began construction this month of the Toranomon-Azabudai redevelopment project near Roppongi district in central Tokyo, with costs estimated at about 580 billion yuan. yen ($ 5.5 billion). The end of the work is scheduled for March 2023.
The project, which is yet to be officially named, aims to create a city in the city, with vegetable gardens, museums and art galleries and three high-rise towers that can accommodate around 20,000 office workers and 3 500 residents.
It will also host the British School in Tokyo, which has about 700 students from more than 50 countries, "driving" international business and foreign workers, Executive Director Shingo Tsuji told reporters.
"Around the world, we need to attract people, their businesses and their financial resources," said Tsuji, highlighting competition with Tokyo from international cities such as Hong Kong and Shanghai.
"Expats abroad must be able to work, live and learn. In the heart of Tokyo, we need to provide this type of environment, "he said, adding that nearly half of the office tenants would be affiliates abroad.
Average land prices in the metropolitan area are at their highest level since the 2008 financial crisis, as data from the Japan Real Estate Institute indicate, as the economy recovers and investment projects begin. Construction and infrastructure were developing before Tokyo 2020.
The 64-storey main tower will reach 330 meters to become the tallest building in the country, at least until about 2027, when Mitsubishi Estate buys a 390-meter tower near Tokyo Station.
Japan, subject to earthquakes, is lagging behind other countries in building height, but its horizons are skyrocketing, with advanced seismic design minimizing swaying caused by earthquakes and wind. The Tokyo Sky Tree, the world's tallest television tower, was inaugurated in 2012 with 634 meters.
This rise is in line with the strategy of Mori Building, whose late co-founder, Minoru Mori, had long defended his vision of compact "vertical garden cities", designed to improve the quality of life in this sprawling metropolis.
Mori Building said that the 8.1-hectare (20-acre) complex would be centered around a 6,000-square-meter park. The total area will be 860,400 square meters, surpassing the Roppongi Hills of Mori to make it the largest project ever made by the developer in terms of floor space.
The resort will also host a brand of luxury hotels to advertise that will debut in Japan, as well as a large-scale food market and a medical center designed to promote wellness.
"The Tokyo market is a huge market," said Tsuji, adding that market conditions were strong and that the various project facilities would help it stand out from the competition.
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