In October 2018, the 83-year-old Tsukiji Fish Market in downtown Tokyo closed its doors and relocated to a new Toyosu Fish Market in eastern Tokyo. This relocation has paved the way for a large-scale redevelopment project on the 190,000 square meter site of the former 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 preliminary applicant for the "Tsukiji District Town Development Project." The project, which involves the redevelopment of the Tsukiji Market site located in Tokyo's Chuo Ward, is estimated to cost around 900 billion yen.

Shun Ueda, President of Mitsui Fudosan, emphasized, "This project is being pursued at a crucial juncture for Japan as it attempts to break free from deflation and put an end to the lost decades. It will be a pivotal development that will determine Japan's future international competitiveness."

The project plan outlines the construction of nine large-scale facilities on the Tsukiji site, including a multi-purpose stadium, hotels, and office buildings. A complex facility featuring a Japanese food hall, a pier, and other amenities is scheduled for completion in 2028, followed by a MICE (large-scale international conferences, exhibitions, etc.) facility and a hotel in 2032. The final opening target year is 2038.

The redevelopment concept, "One Park × One Town," focuses on creating a district that connects with the surrounding natural environment, including Hamarikyu Gardens and the Sumida River, as well as cultural resources such as the Tsukiji Outer Market and Ginza. Approximately 40% of the site will be dedicated to green spaces, reflecting the project's aim to create an "advanced environmentally co-existing city."

Transportation infrastructure will also be significantly expanded, including the opening of a new subway line connecting Tokyo Station to the coastal area, and the development of waterways and landing facilities for "flying cars." Chihide Yamamura, President of Toyota Real Estate, stated, "We will play a role in connecting town development with mobility."

A particular highlight is the large-scale multi-purpose stadium with a capacity of up to 57,000 people. The field and seating can be rearranged, making it suitable for various sports such as baseball, soccer, and basketball, as well as multi-purpose events like concerts and exhibitions.

Mitsui Fudosan, the driving force behind the project, has been actively pursuing sports entertainment ventures. In 2021, they invested 120 billion yen to acquire Tokyo Dome, and they are also developing a 700-seat theater facility in Bunkyo Ward, near the site. Mitsui Fudosan anticipates that the sports market will grow 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 increased nearly twofold over the past 100 years due to high-rise building construction.

At a recent press conference, Ueda emphasized, "(This development is) borrowing valuable assets from the people of Tokyo," expressing the company's commitment to considering the local community. However, experts point out that measures need to be taken to mitigate the environmental impact of new construction, beyond simply creating green spaces.

Ultimately, the key to success will be achieving a balance between profit generation through redevelopment, enhancing international competitiveness, and ensuring environmental harmony.