Nomura Real Estate Development has won the bid to acquire a 4,035 sqm block of land in Ebisu. The property, which was a former apartment building for government officials, was sold by the Kanto Local Finance Bureau under a competitive bidding scheme. A total of 11 applications were made on the property, with 5 offers making it through the qualification round.
The site is just 250 meters from the Ebisu Station Area and 600 meters from the trendy Daikanyama district. It is a Category I Residential District with maximum building volume ratios of 300% of the land size.
Nomura is planning to build a 11-storey mixed-use building including 90 condo apartments, hotel/accommodation suites, childcare and aged care facilities. Completion is expected by March 2020.
As a condition of the sale, the Finance Bureau required the project to include at least 3,000 sqm of apartments (either for sale or rent), and 3,000 sqm of accommodation facilities that can be used for the 2020 Olympics.
Source: The Kensetsu Tsushin Shimbun, March 21, 2017.