In 2018, the Tsukiji Fish Market, a historic landmark in downtown Tokyo with 83 years of history, closed its doors and relocated to the new Toyosu Fish Market in eastern Tokyo. As a result, a large-scale redevelopment project is underway on the 190,000 square meter site of the Tsukiji Market.

On April 19, the Tokyo Metropolitan Government selected a consortium of 11 companies led by Mitsui Fudosan, a Samsung Group affiliate, as the preferred bidder for the "Tsukiji District Town Creation Project." The project, which utilizes the site of the Tsukiji Market located in Chuo Ward, Tokyo, is expected to cost approximately 900 billion yen.

Mitsui Fudosan President Shun Ueda emphasized that "this project is being undertaken at a crucial juncture for Japan as it seeks to break free from deflation and put an end to the lost three decades," adding that "it will be a development that will determine Japan's future international competitiveness."

According to the project plan, nine large-scale facilities, including a large multi-stadium, hotel, and office building, will be built on the Tsukiji site. First, a complex facility featuring a Japanese food hall, docks, and other amenities will be completed in 2028, followed by the opening of a MICE (large-scale international conferences, exhibitions, etc.) facility and hotel in 2032. The final opening target year is 2038.

The redevelopment concept is "One Park × One Town," with the core focus being the creation of a street that connects the natural environment surrounding Tsukiji, including Hamarikyu Gardens and the Sumida River, with cultural resources such as the Tsukiji outer market and Ginza. Approximately 40% of the site will be dedicated to green spaces, aiming for an "advanced environment-friendly city."

Transportation infrastructure will also be significantly expanded. This includes the opening of a new subway line connecting Tokyo Station to the coastal area, and the development of water transport and "flying car" landing facilities. Toyota Real Estate President Chihide Yamamura stated, "We will play a role in connecting town creation and mobility."

The large-scale multi-stadium, with a capacity of up to 57,000 people, is particularly noteworthy. With movable field and seating, it can be used for various events, including sports competitions like baseball, soccer, and basketball, as well as concerts and exhibitions.

Mitsui Fudosan, the driving force behind the project, has been actively pursuing sports entertainment ventures. In 2021, the company invested 120 billion yen to acquire Tokyo Dome and is currently developing a 700-seat theater facility in Bunkyo Ward, near the site. The company expects the sports market to expand to 15 trillion yen by 2025.

However, concerns are being raised about the environmental burden associated with the construction of large-scale office buildings and hotels. According to the Meteorological Agency, Tokyo's temperature has increased by almost double over the past 100 years due to the construction of high-rise buildings.

In a recent press conference, President Ueda expressed his commitment to respecting the local community, stating that "(this development) is borrowing the valuable assets of the citizens." However, experts are urging the implementation of countermeasures to address the environmental impact of the new buildings, beyond simply creating green spaces.

Ultimately, the key will be to achieve a balance between securing profitability through redevelopment, strengthening international competitiveness, and fostering environmental harmony.