Tokyo Govt Names Consortium to Redevelop Tsukiji Site; Stadium to Be Core of Mitsui Fudosan, Yomiuri Project

Artistic conception of Tsukiji area redevelopment

The Tokyo metropolitan government announced on Friday that it has selected a consortium of 11 companies, including real estate developer Mitsui Fudosan Co. and The Yomiuri Shimbun Holdings, as a business operator to redevelop an approximately 19-hectare lot at the former site of the Tsukiji Market in Chuo Ward, Tokyo.

The Yomiuri Shimbun

Centering on a multipurpose stadium with a capacity of about 50,000 people, surrounded by commercial complexes, hotels and offices, the new facility is expected to become an international base with many purposes, such as accommodating guests from overseas, encouraging various international interactions and promoting innovation. Part of the new facility will be opened in fiscal 2029 ahead of full-scale opening in the first half of the 2030s.

An expert committee to examine applications and decide the project’s business operator said, “The consortium’s plan will contribute to enhancing international competitiveness, which the Tokyo metropolitan government expects.”

A unique aspect of the stadium will be its adaptability for multiple functions as it can change its internal layout for use as a stadium, an arena, a theater, an exhibition hall and other purposes by moving seats and changing the type of field. For varied purposes such as baseball, soccer, basketball and concerts, the stadium can provide the best environment to watch events, with the sensation of being fully immersed in them.

A total of nine buildings will be constructed on the site. They will include commercial complexes, which will be used as a base to promote innovation by combining fields such as life sciences, sports and cuisine, aiming to build a society of good health and longevity. A facility for exhibitions, conventions and meetings will be also included.

From an eco-friendly viewpoint, green space will account for about 40% of the site. About 10 hectares will be allocated for trees and landscaping to create open space. The total project cost is expected to be about ¥900 billion.

The facility is expected to become a new gateway to Tokyo, with many tourists visiting from home and abroad. As the site is on the Sumida River, a transportation base with links to widespread areas will be established there. In addition to a boat transport facility, a new subway station and a facility linked to the Metropolitan Expressway will be built in the future.

The metropolitan government announced guidelines for applications for the redevelopment of the former site of the Tsukiji Market in November 2022, and also sought proposals for the project from the public.

At the end of August 2023, the consortium represented by Mitsui Fudosan and another consortium that planned development centering on animation and games submitted their respective applications.

The metropolitan government decided on its policy to relocate the Tsukiji Market in November 1999, but the market was not actually relocated until October 2018 after repeated extensions of the plan. The metropolitan government will make a basic agreement with the 11-company consortium and will establish a fixed term leasehold for 70 years, not including the construction period.