Tall & Urban News

Asahi Kasei Realty & Residence Corporation is planning a 30-story apartment building for the site of a former ryokan in Gotanda, Tokyo. This property was at the center of a notorious land swindle in 2017 that saw another developer lose 5.5 billion to someone that pretended to own the land. 

In 2017, Asahi Kasei legitimately acquired the land from its rightful owners a few months after the sensational fraud case occurred. 

The 2,000-square-meter property had been owned by the same family since the early 1900s, operating as a traditional ryokan in an old red-light district. The ryokan, rebuilt in 1949, closed down several years ago and had sat vacant. It was demolished recently. 

Construction on the new 105-meter-tall condominium is expected to start in April 2021. There will be approximately 220 apartments. Completion is scheduled for early 2024. 

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