Taken from the Tokyo Metropolitan Government website
In April 2024, the Tokyo Metropolitan Government officially approved "ONE PARK x ONE TOWN," a redevelopment plan for the former Tsukiji Market site, as the project proponent. The project, which will be undertaken by a consortium of 11 companies led by Mitsui Fudosan Co., Ltd. goes beyond mere real estate development to present a new vision for the city that will enhance Tokyo's international competitiveness.
City development concept as a "living organism
ONE PARK x ONE TOWN, with its theme of "a city as a 'living organism' where nature and the city overlap in response," utilizes a vast site of approximately 190,000 square meters to create a new vision of a city surrounded by water and greenery.
What is noteworthy is that this project is not just about building a building, but also about creating a place where people and nature, culture and technology can come together. The core facility is an all-weather multi-use stadium with a capacity of approximately 50,000 people. The design organically links a variety of functions, including MICE facilities, a hotel, offices, residences, a food hall, and a theater hall.
This multifunctional, mixed-use urban development represents a new form of value creation for real estate. Rather than a group of single-use buildings, urban development as an "ecosystem" where various functions coexist and create synergy is the ideal form for the real estate industry in the future.
Particularly noteworthy is the environmental aspect of the project. Aiming to achieve virtually zero CO2 emissions for the entire city block, the project includes various measures to minimize the environmental burden, such as a heat supply facility that utilizes the heat from the Sumida River water and a 40% green cover ratio. This is an indication of the city's commitment to responsibly manage and operate its huge asset, the "city," for the next generation.
It is also important to note that by establishing a center for innovation in the life science field, the city aims to be not only a "place" but also a "place of creation" that continues to generate new value. The concept of contributing to the advancement of medical technology and the improvement of people's health by locating life science-related facilities in the area adjacent to the National Cancer Center represents a new form of social responsibility that urban development should assume.
ONE PARK x ONE TOWN features a people-centered spatial design, including the development of plazas and waterfront spaces where many people can gather and interact, the arrangement of facilities that can be enjoyed by diverse generations from children to the elderly, and barrier-free walking spaces. In particular, the establishment of places that foster children's creativity, such as the "Kids Creator Park," is highly regarded as an investment in the future generation.
In addition, facilities such as the Food Hall and the Tsukiji Culinary Center, which inherit and develop Tsukiji's historic "food" culture, are interesting attempts to link local traditions and new innovations. Such attention to cultural aspects will lead to the realization of a richer urban life that goes beyond mere economic activities.
The Value of the City from a Long-Term Perspective
This project will be realized in phases over a period of about 15 years, starting with the conclusion of the basic agreement at the end of FY2024, followed by the start of construction of the preceding Nigiwai facility in FY2025, completion of the first phase of construction in FY2032, and completion of the second phase of construction in FY2038.
This kind of urban development with a long-term perspective shows how asset building should be done, not in pursuit of short-term profits, but to continue to create value for generations to come. As people involved in the real estate industry, we must not simply build "boxes," but must develop with an eye toward the interaction and activities of the people who live there, as well as the possibilities for the future.
In Closing - The True Value Urban Development Should Aim for
The ONE PARK x ONE TOWN project has the potential to become a model case for future urban development, not only in its scale, but also in its philosophy and approach. The concepts of "symbiosis between nature and the city," "sustainability," and "people-centered spatial design" are one answer to the challenges facing cities today.
We at INA share these principles and hope to contribute to society through our real estate business. We aim to create a business that makes everyone involved happy, and we are committed to creating sustainable value not only in terms of short-term profits, but also from a long-term perspective.
As a member of the industry, I have great expectations for the future progress of ONE PARK x ONE TOWN, which will become a new landmark in Tokyo.
