In 2015, Mitsui Fudosan and Tokyo Tatemono will begin several large-scale redevelopment projects for the Yaesu district to the east of Tokyo Station. The project will include three buildings containing apartments, offices, retail space, education and cultural facilities.
Planning approval is expected to be announced next year. It is anticipated that the project will qualify for an allowance to the floor space index, which would a total floor area up to 1 million sqm (10.7 million sqft).
One of the features will be an underground bus terminal. While the Marunouchi district to the west of Tokyo Station has seen some very large redevelopment projects over the past few years, the Yaesu area has been lagging behind. The bus terminal currently located at the Yaesu Exit at Tokyo Station is relatively inconvenient, especially for passengers transferring to trains. By locating the terminal underground, it will offer direct access to the underground station area.
Not all landowners are participating in the redevelopment plans. This section of 40 ~ 50 year old multi-tenant buildings located directly across from the Daimaru Department Store will stay.
Following World War II, this area underwent rapid and perhaps careless redevelopment, which resulted in a jumble of buildings and small shops lining narrow alleyways. Unlike Marunouchi, Yaesu is a densely packed area of ageing and deteriorating post-war buildings. Head down a back alleyway and you will find closed mahjong parlours, adult video stores and loan sharks.
Source: The Nikkei Shimbun, October 21, 2014.