Tokyo Tsukiji Site's 900 Billion Yen Mega Redevelopment Project: Balancing Environmental Harmony and Enhanced Global Competitiveness

In October 2018, the 83-year-old Tsukiji Fish Market, located in the heart of Tokyo, closed its doors and relocated to the Toyosu New 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 19th, the Tokyo Metropolitan Government selected a consortium of 11 companies, led by Mitsui Fudosan, a Samsung Group affiliate, as the tentative developer for the "Tsukiji Area Town Creation Project." This project, which utilizes the Tsukiji Market site located in Chuo-ku, Tokyo, is estimated to have a total project cost of approximately 900 billion yen.

Mitsui Fudosan President Shunichi Ueda emphasized that "this project is being undertaken at a crucial juncture for Japan, as it seeks to emerge from deflation and put an end to the Lost Decade." He added 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, hotels, and office buildings, will be constructed on the Tsukiji site. The first phase, scheduled for completion in 2028, will involve a mixed-use complex featuring a Japanese food hall and a pier. This will be followed by the opening of a MICE (large-scale international conferences, exhibitions, etc.) facility and hotels in 2032. The final completion target year is 2038.

The redevelopment concept is "One Park × One Town," which emphasizes the creation of streets that connect 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 to create an "advanced environmentally sustainable city."

Transportation infrastructure will also be significantly expanded. This includes the opening of a new subway line connecting Tokyo Station and the coastal area, as well as the development of waterways and a "flying car" terminal. Toyota Home President Chihide Yamamura stated, "We will play a role in connecting town creation with mobility."

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

Mitsui Fudosan, the driving force behind the project, has been actively pursuing sports entertainment businesses recently. In 2021, they acquired Tokyo Dome for 120 billion yen, and they are also developing a 700-seat theater facility in Bunkyo-ku, near the site. The company anticipates the sports market to expand to 15 trillion yen by 2025.

However, concerns have been raised about the environmental burden associated with the construction of large-scale office buildings and hotels. According to the Japan Meteorological Agency, Tokyo's temperature has nearly doubled over the past 100 years due to the construction of high-rise buildings.

At a recent press conference, President Ueda expressed the company's commitment to local consideration, stating, "(This development) is borrowing the precious assets of the citizens." However, experts point out that in addition to green space development, countermeasures against the environmental burden associated with new buildings should also be considered.

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