Mori Trust have acquired the Norinchukin Bank’s Sapporo Branch building and land in Sapporo’s Odori Nishi 5 Chome district for approximately 9 billion Yen (88 million USD). The real estate developer plans to demolish the existing 60-year old building and place it with a high-end hotel catering to wealthy foreign tourists. Completion is tentatively scheduled for around 2020.
The 2,800 sqm site is located alongside Odori Avenue Park and is 1,000 meters from Sapporo Station.
This will be Mori Trust’s first project in Hokkaido. Earlier in June, the company announced plans to develop a 60 billion Yen resort project in Tomakomai City through one of their affiliated investment companies.
Source: The Hokkaido Shimbun, June 29, 2016.