A former Tokyo service centre building will be transformed into more than 1,000 luxury apartments as part of a new plan for the site.

Developed through  Mitsui Fudosan and Mitsubishi Estate, The Mita 1 Chome Project will include 1,100 apartments split over five, 45-meter tall, 14-story buildings. 

The 2.6-hectare site was previously home a 91-year-old building that was nearly completely demolished earlier this year apart from part of the entrance which will be kept and featured in the new development. 

The property was one of a small number of rare surviving examples of art deco architecture in Tokyo.

At a glance: 

• Further details of Mita 1 Chome Project in Azabu Juban, Tokyo have been revealed.
• Developed through Real estate giants Mitsui Fudosan and Mitsubishi Estate, the residential complex will include 1,100 apartments split over five, 45-meter tall, 14-story buildings.
• The 2.6-hectare site was previously home to a Tokyo Service Centre building.

Source: Japan Property Central

Completion is tentatively scheduled for 2024. 

Mitsui acquired the land in early 2018 for an estimated 85.03 billion Yen (approximately 803 million USD at the time) at a rate of about 3,270,000 Yen/sqm. 

Although there are no details yet on if or when apartments will be available for sale, Japan Property Central said the high land acquisition price and construction costs mean it is likely that they would need to be priced over 100 million Yen each. 

Source: Japan Property Central

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