In the fall of 2024, "J&TERRACE" — a 39-story, 146-meter-tall mixed-use tower — was completed in front of Jujo Station on the JR Saikyo Line. As Kita Ward's first supertall complex, this project integrates 578 residential units, commercial facilities, and Kita Ward public amenities into a single development. The project was executed by the Jujo Station West Exit District Urban Redevelopment Association, with Nippon Steel Kowa Real Estate and Tokyu Land Corporation participating as association members. More than a year after completion, surrounding land prices have risen nearly 10% year-on-year. Meanwhile, tenant recruitment for the commercial facility "J&MALL" still faces challenges. This article provides a comprehensive overview of the redevelopment, its current status, and its impact on the real estate market.
Project Overview — What Is the Jujo Station West Exit Redevelopment?
Roles of the Executor, Participating Members, and Constructor
The Jujo Station West Exit District Type I Urban Redevelopment Project was established as an urban redevelopment initiative when the association received approval from the Governor of Tokyo in May 2017. The executor is the Jujo Station West Exit District Urban Redevelopment Association (Chairman: Toshiyoshi Tozaki), with Nippon Steel Kowa Real Estate Co., Ltd. and Tokyu Land Corporation participating as association members. Maeda Corporation handled all design and construction work, completing the large-scale, 39-story reinforced concrete structure.
Nippon Steel Kowa Real Estate took the lead in driving the project forward through the acquisition and sale of reserved residential floor space, guiding the initiative from the association's founding. Tokyu Land Corporation played a key role not only in joint residential sales but also in attracting commercial tenants. The collaborative mixed-use redevelopment framework employed by both companies represents a typical model in recent urban redevelopment projects.
The Scale: 1.7 Hectares and 81,000 m² of Total Floor Area
The redevelopment district covers approximately 1.7 hectares, with a site area of 7,071.32 m². The total floor area of J&TERRACE reaches 81,067.16 m², with a floor area ratio-eligible area of 56,176.85 m². Located at 2-27-1 Kami-Jujo, Kita Ward, Tokyo, the site is designated as a commercial zone, high-utilization district, and fire prevention zone.
This scale fully capitalizes on the locational potential of the Jujo Station area, which boasts access to Ikebukuro in just two stops — approximately seven minutes. In Jujo, an area that has attracted attention as an "affordable district" within Tokyo, the realization of such a large-scale mixed-use development was a noteworthy event for the real estate market.
The Full Picture of J&TERRACE — How Do Residential, Commercial, and Public Functions Come Together?
THE TOWER JUJO (578 Units, 39 Floors) — Residential Overview
THE TOWER JUJO, the condominium component occupying floors 5 through 39, comprises a total of 578 units (including 184 units for project cooperators). Floor plans range broadly from 1LDK to 4LDK, with unit sizes spanning 41.41 m² to 127.37 m² to accommodate diverse lifestyles. Prices ranged from 80.5 million yen to a maximum of 300 million yen — the emergence of "oku-man" (100-million-yen-plus) condominiums in Kita Ward fundamentally reshaped the area's real estate value.
Sales were conducted between 2022 and 2023, progressing favorably. The fact that Jujo — once strongly associated with a "shitamachi" (old downtown) image — came to be valued by both investors and end-users as an affordable urban area demonstrates the locational appeal sufficient to support these premium price points.
J&MALL (Commercial Facility) — Tenant Composition
The commercial facility "J&MALL" on floors 1 and 2 opened on November 22, 2024. The second floor houses Queen's Isetan — the supermarket's first location in Kita Ward — along with a fitness gym, clinics, and other tenants. The debut of Queen's Isetan in Kita Ward attracted significant attention at opening and has contributed to enhancing the area's commercial appeal.
However, one year after opening, tenant vacancies have been identified as a challenge. Contributing factors include the building's structure that makes storefronts less visible from outside, interior circulation issues, and rent disparities compared to surrounding shopping streets. Efforts to achieve stable commercial operations are ongoing. In response, a regional commercial partnership agreement was signed in March 2025, and the outcomes of these countermeasures — detailed below — are being closely watched.
J&L (Kita Ward Public Facility) — Functions and Role
The Kita Ward public facility "J&L," located on floors 3 and 4, opened on December 1, 2024. The third floor features a lounge with bookshelves and reading spaces, a creative room, and a gallery. The fourth floor is equipped with music and video editing rooms, multipurpose rooms, a hall (divisible for separate use), and a hall anteroom.
Incorporating public facilities within private-sector redevelopment projects has become increasingly common in recent urban redevelopment initiatives. The concept involves collaboration between government and the private sector to create vibrant hubs that enhance the overall appeal of an area. J&L is a prime example, and it is expected to serve as a hub for daily use by local residents.
Station-Front Infrastructure — Why Are the Transit Plaza, Roads, and Bicycle Parking Important?
Relationship with the Grade Separation Project
Near Jujo Station, the JR Saikyo Line Grade Separation Project, led by the Tokyo Metropolitan Bureau of Construction, is underway. This project involves eliminating railroad crossings by elevating the rail lines, forming an integrated urban development framework with the redevelopment project. Importantly, the J&TERRACE building itself was already completed in September–October 2024.
Once the grade separation project is complete, the elimination of railroad crossings will dramatically improve pedestrian and vehicular flow. Enhanced walkability around the station directly supports foot traffic for commercial facilities, making the post-completion transformation of the neighborhood a critical consideration for future investment decisions.
Station Plaza and Urban Planning Road Improvements
As part of the redevelopment project, a station plaza (approximately 4,360 m²) and an underground public bicycle parking facility (approximately 2,500 m²) were developed. Urban planning roads — including Auxiliary Route 73 (20 m width), Auxiliary Route 85 (15 m width), and Block Road No. 7 (20 m width) — are also incorporated into the plan. Details of this infrastructure development are publicly available on Kita Ward's official website.
The station plaza development has secured bus and taxi boarding areas, improving station access convenience. Improved pedestrian flow also affects visitor numbers for commercial facilities, making infrastructure development progress an essential factor in predicting changes in area value.
Current Status One Year After Completion — Post-Opening Challenges and Initiatives
J&MALL's Tenant Vacancy Issue and Its Background
Tenant recruitment at J&MALL remains a noted challenge one year after opening. The underlying factors include: (1) low visibility due to a building structure that makes storefronts difficult to see from outside, (2) interior circulation issues, and (3) rent levels that are high compared to surrounding shopping streets (with an apparent gap in price per tsubo versus the shopping district).
It is not unusual for large commercial facilities created through redevelopment to struggle with full tenant occupancy from the outset. Rather, the general pattern is for the tenant mix to stabilize over the first few years after opening. Therefore, it would be premature to render a definitive assessment of the facility based solely on the current vacancy situation. Ongoing monitoring of tenant recruitment trends is essential.
Significance of the Regional Commercial Partnership Agreement Signed in March 2025
In March 2025, a "Basic Agreement on Regional Commercial Collaboration" was signed among four parties: Kita Ward, the Jujo Station West Exit District Urban Redevelopment Association, Nippon Steel Kowa Real Estate Co., Ltd., and Tokyu Land Corporation. Details of this agreement can be found in Kita Ward's official announcement.
The agreement aims to promote collaboration and joint events between J&MALL and existing local businesses such as the Jujo Ginza Shopping Street. Building a complementary — rather than competitive — relationship between the commercial facility and surrounding shopping streets directly contributes to elevating the entire area's commercial vitality. This is precisely why the practical outcomes of this agreement will serve as a key indicator for J&MALL's future revitalization.
Impact on Real Estate Values — How Have Land Prices and Market Data Changed?
Land Price Increases Near Jujo Station (Approximately +10% Year-on-Year)
As indicated in the Tokyo Metropolitan Bureau of Urban Development's project overview, redevelopment projects significantly impact surrounding real estate values. According to 2025 official land price data, the average land price near Jujo Station is 736,875 yen per m², up 9.74% year-on-year. The average benchmark land price for the same year is 766,000 yen/m², showing a strong increase of 11.05% year-on-year. The highest assessed point (Kita Ward, Nakahara 1-3-26) reached 1,540,000 yen/m².
An annual land price increase of approximately 10% represents a high-level figure even within Tokyo. The improvement of the station-front environment through redevelopment, the arrival of a supertall tower condominium, and the reassessment of transportation convenience have collectively driven land prices upward. With renewed attention on the convenience of being just two stops and seven minutes from Ikebukuro, Jujo's reputation as an "affordable area within central Tokyo" has risen significantly.
Tower Condominium Pricing and Spillover Effects on the Surrounding Rental Market
THE TOWER JUJO's price range (80.5 million to 300 million yen) has also influenced resale condominium prices in the surrounding area. When high-priced new tower condominiums enter the market, nearby pre-owned properties tend to see price increases driven by "appreciation expectations." Furthermore, the influx of tower condominium residents boosts local purchasing power, creating a ripple effect that revitalizes the broader commercial and rental market.
Compared to cases such as the Tachikawa Station redevelopment and its impact on land prices and the Ikebukuro Station West Exit redevelopment, Jujo's land price growth rate is noteworthy. Additionally, the Nishi-Nippori Station area redevelopment is also underway within Kita Ward, accelerating the enhancement of urban value across the entire ward.
Actions Property Owners Should Take
Here are practical perspectives for property owners in the Jujo area or those considering investment, based on the current situation.
Reassess existing property valuations: With surrounding land prices rising at over 10% annually, unrealized gains on existing properties may have increased. Now is an opportune time to consider asset optimization, including potential sales or refinancing.
Respond to shifting rental demand: The influx of tower condominium residents is changing the profile of rental demand in the area. With growing demand from families and high-income singles, it is worth considering property renovations or rent adjustments.
Plan ahead for the completion of the grade separation project: The elimination of railroad crossings will significantly improve pedestrian flow, which is expected to revitalize the station-front commercial area. Developing a medium- to long-term holding strategy with an eye toward infrastructure completion from fiscal year 2026 onward is essential.
Monitor the regional commercial partnership: Depending on the outcomes of the partnership agreement between J&MALL and local shopping streets, the area's overall commercial strength could receive a significant boost. If vacancy resolution progresses, the positive impact will extend to surrounding commercial properties — we recommend keeping a close watch on these developments.
INA's Perspective
What I find most noteworthy about the Jujo Station West Exit redevelopment is the challenges surrounding the commercial facility "J&MALL" and the direction of the regional partnership agreement as a solution.
It is not uncommon for large commercial facilities born from redevelopment to struggle with tenant recruitment for the first few years. One fundamental cause lies in the inherent difficulty of securing commercial tenants before a facility is completed. While a building's exterior, circulation, and rent levels are only finalized just before completion, tenant recruitment typically begins in earnest one to two years prior. This time lag creates a structural challenge prone to mismatches.
Nevertheless, the regional commercial partnership agreement signed in March 2025 could mark an important turning point. Initiatives where large-scale facilities and local shopping streets collaborate on events to mutually boost foot traffic transcend mere competition and lead to "branding the entire neighborhood." In fact, the contrast between the Jujo Ginza Shopping Street's strength as a "lively traditional downtown" and the "urban lifestyle" embodied by J&TERRACE can be leveraged as an asset that showcases the diverse appeal of Jujo as an area.
From a real estate investment perspective, commercial facility vacancies may appear as a short-term negative. However, facilities that achieve stable operations after working through this phase contribute significantly to the long-term value appreciation of the entire area. We believe that the Jujo area, once it navigates the one- to two-year post-completion adjustment period, will establish itself firmly as a leading real estate investment destination representing Kita Ward. For this reason, it is important not to be overly pessimistic about current challenges and to evaluate the area from a medium- to long-term perspective.
Summary
The Jujo Station West Exit District Type I Urban Redevelopment Project "J&TERRACE" was completed in the fall of 2024 as Kita Ward's first 39-story supertall mixed-use complex. Integrating 578 residential units, commercial facilities, and Kita Ward public amenities, this development has pushed surrounding land prices up by over 10% annually and fundamentally transformed the real estate value of the Jujo area by prompting a reassessment of its accessibility — just two stops from Ikebukuro.
Meanwhile, tenant recruitment for the commercial facility "J&MALL" remains an ongoing challenge, with efforts now being driven by the regional commercial partnership agreement signed in March 2025. On the infrastructure front, related projects including the JR Saikyo Line grade separation are progressing toward completion in fiscal year 2026, and the neighborhood's transformation following the elimination of railroad crossings is highly anticipated.
To leverage the benefits of redevelopment for real estate investment, a medium- to long-term perspective — looking beyond superficial assessments immediately after completion to anticipate the post-infrastructure and post-tenant stabilization landscape — is indispensable. We recommend continuously evaluating the potential of the Jujo area in comparison with other major redevelopment projects across Tokyo, such as the Ikebukuro Station West Exit redevelopment.
Frequently Asked Questions (FAQ)
Q1. When was the Jujo Station West Exit redevelopment completed?
The building "J&TERRACE" was completed in September–October 2024. The commercial facility "J&MALL" opened on November 22, 2024, and the Kita Ward public facility "J&L" opened on December 1, 2024.
Q2. What were the condominium prices at THE TOWER JUJO?
Sale prices ranged from 80.5 million yen to a maximum of 300 million yen, placing units in the premium tier. The development comprises 578 total units (including 184 units for project cooperators), with floor plans ranging from 1LDK to 4LDK.
Q3. How have land prices around Jujo changed since the redevelopment?
According to 2025 official land prices, the average near Jujo Station rose 9.74% year-on-year, while benchmark land prices increased 11.05%. The improvement of the station-front environment through redevelopment and the reassessment of transportation convenience have driven land price growth.
Q4. What is the current status of the commercial facility "J&MALL"?
Since its November 2024 opening, J&MALL has some tenants in operation, including Queen's Isetan, but vacancies remain a challenge. In March 2025, a "Basic Agreement on Regional Commercial Collaboration" was signed among Kita Ward, the redevelopment association, Nippon Steel Kowa Real Estate, and Tokyu Land Corporation, and efforts to strengthen ties with the Jujo Ginza Shopping Street and other local businesses are underway.
References
- Tokyo Metropolitan Bureau of Urban Development: "Jujo Station West Exit District Type I Urban Redevelopment Project"
- Kita Ward, Tokyo: "Jujo Station West Exit District Type I Urban Redevelopment Project (Project Overview)"
- Kita Ward, Tokyo: "Signing of the Basic Agreement on Regional Commercial Collaboration" (March 12, 2025)
- Tokyo Metropolitan Bureau of Construction: "JR Saikyo Line (Near Jujo Station) Grade Separation Project"
- Nippon Steel Kowa Real Estate Co., Ltd.: "Notice of Completion of Jujo Station West Exit District Type I Urban Redevelopment Project" (November 29, 2024)
- Tokyu Land Corporation: "THE TOWER JUJO Project Overview"
- PR TIMES: "Nippon Steel Kowa Real Estate Co., Ltd. — Completion of Jujo Station West Exit District Type I Urban Redevelopment Project" (November 29, 2024)
