The Tokyo Metropolitan Government and Meguro Ward are moving ahead with plans to sell a vacant 8,000 sqm site in Daikanyama to the Tokyo College of Music. The sale price has been estimated at approximately 7.77 billion Yen (63 million USD), or around 970,000 Yen/sqm.
The College plans to build a 3-storey campus building with completion scheduled for 2018. The 17,000 sqm building will include classrooms, recital halls, a library and cafeteria.
The land was originally the site of accommodation for employees of the Japanese National Railway Settlement Corporation. It is located in a prime position between Daikanyama and Nakameguro Stations and is adjacent to the King Homes Daikanyama apartment building.
The land was acquired by the Tokyo government and Meguro ward in 1995 for 6.4 billion Yen.
The Nikkei Shimbun, June 12, 2015.
The Tokyo Metropolitan Government, June 11, 2015.