Tall & Urban News

More details have been announced for the redevelopment of a historic art deco building near Azabu Juban in Tokyo. Real estate giants Mitsui Fudosan and Mitsubishi Estate will be turning the site into over 1,000 luxury apartments.

The 2.6-hectare site was home to the Ministry of Communications and Transportation Postal Life Insurance Building. Dating from 1929, this was one of a small number of rare surviving examples of art deco architecture in Tokyo until its demolition earlier this year.

The Mita 1 Chrome Project will include 1,100 apartments across one 45-meter tall, 14-story building. Part of the entrance of the former building will be kept and featured in the new development. Completion is tentatively scheduled for 2024.

Mitsui acquired the land in early 2018 for an estimated 85.03 billion Yen (approximately US$803 million at the time). This works out to around ¥3,270,000 Yen/square meter (US$30,872/square meter). Although there are no details yet on if or when apartments will be available for sale, given the high land acquisition price and construction costs, it is likely that they would need to be priced over ¥100 million each (US$944,100).  

For more on this story, go to Japan Property Central.