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$5.7 billion project in the works for prominent Tokyo property

By: The Associated Press//July 3, 2024//

In June 2020, a 47-acre property in Tokyo that formerly held the Tsukiji fish market sat vacant. A stadium, skyscrapers, event spaces, hotels and more are planned for the site. (Yuri Kageyama/The Associated Press)

$5.7 billion project in the works for prominent Tokyo property

The Associated Press//July 3, 2024//

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By Yuri Kageyama

The Associated Press

TOKYO 鈥 The site of Tokyo鈥檚 famed Tsukiji fish market, left empty after much of it was relocated and remnants were razed six years ago, will be replaced by a waterfront stadium and glistening skyscrapers according to redevelopment plans that are facing some staunch opposition.

A computer graphic video of plans for the 900 billion yen ($5.7 billion) project made by property developer Mitsui Fudosan shows air taxis zipping above the Sumida River, known for its scenic bridges. It鈥檚 the latest vision for the property that formerly drew people to its tuna auctions and pre-dawn, fresher-than-fresh sushi meals in shops nearby.

Mitsui Fudosan says the new development will rival top waterfront spots in places like Sydney and Singapore. The idea is to draw in people from both Japan and abroad. But some project opponents in Tokyo say they would prefer to see the prime site turned into a garden.

The plans include office buildings, event spaces, residential areas and greenery, hotels and a biotechnology research center. Also, there will be plenty of places to shop and eat out.

鈥淲e are entering a new chapter,鈥 said Jiro Ueda, an executive overseeing development planning at Mitsui Fudosan, which heads the consortium that won the bid to redevelop the area. 鈥淥ver the years of Japan鈥檚 modernization, waterfronts were used for warehouses and factories. We want to build facilities for sports and entertainment to move people emotionally. We want to make Japan more economically competitive.鈥

The consortium includes a powerful lineup including Toyota Motor, Toyota Fudosan, the Kajima, Taisei, Shimizu and Takenaka construction groups, engineering companies Nikken Sekkei and Pacific Consultants, and media groups Asahi Shimbun and the Yomiuri Shimbun Group, whose baseball team, the Yomiuri Giants, may use the new arena as its home stadium.

For now, the 47-acre area that used to be the sprawling main fish market is just cement totaling about 35 football fields, with a few construction machines and a small area that has been dug up.

The city-owned land beside the Sumida River is within walking distance of the glitzy downtown Ginza and across a small bridge from Hamarikyu, a traditional Japanese garden with sculpted pine trees, a small forest and a tea house.

What鈥檚 left of the old Tsukiji market 鈥 a quaint 鈥渞etro鈥 area packed with sushi and ice cream stalls called the 鈥渏ogai鈥 or 鈥渙uter area鈥 of the market 鈥 will be kept like it is, next to the modern development.

The fish market functions of Tsukiji were moved in 2018 to a larger, more modern warehouse-like facility in another area of Tokyo Bay called Toyosu.

After the market鈥檚 buildings were demolished, the empty lot was used for parking during the Tokyo Olympics, which were delayed by a year to 2021 because of the pandemic. The city called for bids in 2022 and in April chose the consortium headed by Mitsui, a participant in the Hudson Yards megadevelopment in Manhattan, New York. Initial construction is due to begin next year.

鈥淭sukiji is a special place for Tokyo; it鈥檚 so close to downtown, yet it鈥檚 surrounded by waterways and greenery,鈥 city hall official Takuo Takano said. 鈥淚t will become the face of Tokyo.鈥

The project building will connect ferries on the city鈥檚 rivers and Tokyo Bay with city subway lines and provide a showcase venue for international conventions, trade shows and summits as well as tourism.

The Tsukiji project 鈥渨ill be like a giant city in itself,鈥 said Sachiko Okada, an analyst at Goldman Sachs.

鈥淭hat location pick is right on the dot,鈥 she said.

Some groups in the city earlier opposed moving the century-old fish market, a city landmark, to Toyosu. And some of those still oppose the project, saying skyscrapers will add to pollution in the area.

A garden would be a better alternative, said Shizuko Nagaya, who consults on ecological issues. She also worries about the safety of the densely populated complexes on the land, reclaimed from Tokyo Bay in the 17th century, if a major earthquake were to hit as expected.

鈥淭his is a piece of land that belongs to the people,鈥 said Nagaya, who researches history and waterways. 鈥淲e need a place with a blue sky, the sea breeze and lots of green, where our future children can play.鈥

Christian Dimmer, a professor of urban studies at Waseda University in Tokyo, believes the fish market should have stayed where it was, and developers should leverage cities鈥 historical and cultural legacies.

鈥淩emoving the fish market, relocating it far away to Toyosu, and replacing it with yet another luxury housing, hotel, shopping and entertainment complex makes central Tokyo less exciting and more mono-functional,鈥 he said. 鈥淭he question must be asked whether the current redevelopment model is sustainable. Yet, despite this and other insights, the scrap-and-build development model of Tokyo is still largely unchallenged.鈥

City officials say final details of the development are still undecided. Plenty of time will be allowed for public feedback, they say.



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