The area around Tobu Hikifune Station is poised for major change, driven by both municipal planning and private sector initiatives. With Sumida Ward's "Tobu Hikifune Station Area Urban Development Policy" formulated in September 2025 working in conjunction with the Type 1 Urban Redevelopment Project promoted by UR Urban Development Corporation, the landscape in front of the station is expected to transform completely by the end of 2032. For owners with land or buildings in this area, now is precisely the time to gather information and make decisions.
What Is Happening Around Hikifune Station Right Now?
The area where Tobu Hikifune Station and Keisei Hikifune Station—two railway stations—sit within walking distance of each other occupies a unique position in eastern Tokyo. With good access to neighboring major stations like Oshiage (Skytree front) and Kinshicho, it can be described as a "transportation junction of the shitamachi (old downtown)."
However, the Hikifune area had long been untouched by large-scale redevelopment. Parking lots and vacant land were scattered in front of the station, and aging wooden structures remained. While the area had local vitality through events and activities, the potential of the station-front space had not been fully realized.
That situation is finally beginning to change. In Tokyo's 2017 "Grand Design for Urban Development," the area around Tobu Hikifune Station was positioned as one of the wide-area hubs in the "East Sumida, Adachi, and Katsushika area." In March 2021, the Tokyo Urban Master Plan designated it as a "redevelopment promotion zone," building momentum for urban development in the ward.
Then in September 2025, Sumida Ward's Urban Development Department officially formulated and announced the "Tobu Hikifune Station Area Urban Development Policy." The target area is approximately 8.2 hectares west of Hikifune River Road. With the establishment of this administrative plan, the legal and planning foundation for the redevelopment project is now in place.
What Future Vision Does the Urban Development Policy Envision?
The future vision presented in this policy is a "comfortable, safe, and inclusive town for all." While this may sound abstract, the policy specifies three concrete goal pillars and four zone-specific development policies, making the area's future vision quite clear.
The three goal pillars are: First, "A town where vitality is created in a comfortable living environment"—realizing facilities with multiple functions and a living environment where diverse generations can continue to live. Second, "A town that is resilient to disasters and comfortable to live in"—renewing aging buildings, making them fireproof, and improving disaster preparedness. Third, "A town where everyone can move safely"—developing a barrier-free transportation network.
The four zone-specific development policies are equally important. The Station Vicinity Zone will develop commercial facilities and bicycle parking and improve barrier-free access. The Vitality Exchange Zone (along Hikifune River Road and west of the station) will promote mixed land use centered on the redevelopment project. The Residential-Commercial Coexistence Zone (western residential area) will preserve a good living environment while ensuring continuity with commercial areas. The Roadside Vitality Zone (along Mitokaidō) will improve disaster resilience through building fireproofing and joint development.
The Full Scope of the Station-Front Redevelopment Project
Alongside the urban development policy, the "Tobu Hikifune Station Front District Type 1 Urban Redevelopment Project" (implementer: UR Urban Development Corporation) is rapidly taking shape. The project site is approximately 1.7 hectares at the east exit of Tobu Hikifune Station, with a scale of 14 stories above ground, a total floor area of approximately 22,154 m², and a height of approximately 45 meters. Stores and offices will occupy floors 1-2, while approximately 240 housing units will be developed on floors 3-14.
What deserves particular attention about this redevelopment is its adoption of the "plaza-type redevelopment" approach. The core of the plan is not just enlarging buildings, but creating approximately 2,250 m² of transportation plaza (barrier-free) and approximately 4,000 m² of urban planning park. The park will function as a place of relaxation in normal times and as an evacuation base during disasters. This design philosophy that prioritizes open spaces and public character—rather than simply stacking buildings at high density—can be said to reflect the trend in recent redevelopment projects.
On March 25, 2026, UR Urban Development Corporation determined Hankyu Hanshin Real Estate and Yude Consultants Group as business partners and signed an agreement. Hankyu Hanshin Real Estate is a major developer based in the Kansai region, and its full-scale entry into eastern Tokyo is also noteworthy.
The schedule is as follows:
- FY2025: Sumida Ward makes urban planning decision
- FY2026: Planned urban planning decision for (tentative) Tobu Hikifune Station Front District Local Plan
- FY2027: Planned acquisition of project approval from national government
- FY2028: Planned approval of rights conversion plan
- FY2029: Demolition of existing buildings and start of construction
- End of FY2032: Completion
Considering that rights conversion will take place in FY2027-2028, 2026-2027 is the critical decision window for landowners and property owners. It is necessary to proceed with preparations based on this timeline.
Land Price Trends in the Hikifune Area
As redevelopment plans take shape, land prices are also showing an upward trend. According to the Reiwa 7 Announced Land Prices, Sumida Ward as a whole recorded notable increases of average 540,272 yen/m² (+9.84% year-on-year) for residential land and average 1,038,384 yen/m² (+11.27%) for commercial land.
Focusing on the area around Hikifune Station, the standard land price (around Higashimukojima) is 657,000 yen/m² (2024). The announced land price around Hikifune Station averages 608,000 yen/m², up 8.74% year-on-year (as of 2024), showing steady growth slightly below the ward average. Over a 5-year span, Sumida Ward as a whole has posted results of residential land +17.7% and commercial land +21%.
Actions for Landowners and Property Owners to Take Now
For those who own land or buildings in the Hikifune area, 2026-2027 is an important period for information gathering and decision-making. Here are the key actions to take:
- Confirm which zone your land/building belongs to — Contact Sumida Ward's Hub Development Division (03-5608-6262)
- Consider participating in redevelopment or joint rebuilding — Land and buildings in the "Vitality Exchange Zone" may be eligible for participation in the Type 1 Urban Redevelopment Project
- Utilize subsidies for renewing aging buildings and making them fireproof — Sumida Ward's fireproofing support programs offer potential benefits
- Consider factors for selling or leasing decisions — Consider the long-term perspective with the 2032 completion timeline in mind
INA's Perspective
What I'm focusing on is this current phase of "urban development policy stage." Once project approval is obtained and rights conversion plans are set in motion, the information asymmetry narrows and land price incorporation proceeds. However, at this stage, there is a significant difference in understanding of the area's future between those who have carefully read the administrative plan and those who haven't.
In the context of the spread of redevelopment to eastern Tokyo, this development is also noteworthy. While Shibuya, Shinagawa, Shinjuku, and Yaesu have been the main venues for redevelopment, waves are certainly reaching eastern Tokyo areas like Kinshicho, Koiwa, and Hikifune. Eastern Tokyo redevelopment is rewriting the investment map for Tokyo real estate.
Summary
- Sumida Ward formulated the "Tobu Hikifune Station Area Urban Development Policy" in September 2025, presenting a four-zone development policy for approximately 8.2 hectares
- The Type 1 Urban Redevelopment Project implemented by UR Urban Development Corporation is taking shape; Hankyu Hanshin Real Estate joined as a business partner in March 2026
- The redevelopment adopts an advanced "plaza-type redevelopment" approach including approximately 2,250 m² of transportation plaza and approximately 4,000 m² of urban planning park
- Schedule: project approval in FY2027, start of construction in FY2029, completion by end of FY2032
- Sumida Ward's announced land prices are showing an upward trend of +9-11% year-on-year; Hikifune Station area is also steady at +8.74% (2024)
- 2026-2027 is the critical window for landowners and property owners to gather information and make decisions
