Mitsui Fudosan, Toyota Fudosan, and Yomiuri Shimbun Announce Redevelopment of Former Tsukiji Market Site in Tokyo

Mitsui Fudosan, Toyota Fudosan, and The Yomiuri Shimbun Holdings plan to transform the former Tsukiji Market site into a 19-hectare development featuring a 50,000-seat stadium, conference hall, hotel, and more, aiming to create an internationally competitive hub by the early 2030s.

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Muhammad Jawad
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Mitsui Fudosan, Toyota Fudosan, and Yomiuri Shimbun Announce Redevelopment of Former Tsukiji Market Site in Tokyo

Mitsui Fudosan, Toyota Fudosan, and Yomiuri Shimbun Announce Redevelopment of Former Tsukiji Market Site in Tokyo

Mitsui Fudosan, Toyota Fudosan, and The Yomiuri Shimbun Holdings have announced plans to redevelop the former site of Tokyo's Tsukiji Market, creating a 19-hectare development featuring a 50,000-seat multi-use stadium, conference hall, hotel, office, and promotional facility. The project, named 'ONE PARK x ONE TOWN', aims to create an internationally competitive hub by the early 2030s, with a focus on innovative life science technologies, disseminating Japanese food culture, and providing a venue for powerful performances and events.

The redevelopment will transform the 19-hectare lot at the former site of the Tsukiji Market in Tokyo's Chuo Ward into a waterfront space integrated with the Sumida River and Hama-rikyu Gardens, as well as link with other nearby sites. The project will feature nine new buildings, including the multi-use stadium with a changeable and multi-functional artificial turf field, capable of hosting international sporting events and concerts. The development will also include a conference hall, a hotel, an office, and a facility to promote Japanese food culture.

The first phase of the project, including the promotional facility, is scheduled to open in fiscal 2026, ahead of the full-scale opening in the first half of the 2030s. The majority of the facilities, including the stadium, are expected to be completed by the early 2030s. The consortium, which includes real estate developer Mitsui Fudosan Co. and The Yomiuri Shimbun Holdings, plans to invest 900 billion yen ($5.7 billion) in the redevelopment project.

Why this matters: The redevelopment of the former Tsukiji Market site is a significant project that aims to enhance Tokyo's international competitiveness and create a new hub for innovation, culture, and events. The project's scale and investment demonstrate the commitment to revitalizing the area and attracting global attention to Tokyo.

Key features of the redevelopment include a versatile indoor stadium, a food hall showcasing traditional Edomae cuisine, a cultural and artistic theater hub, and a transportation hub with marine, air, and ground transportation options. The development will also incorporate large-scale greenery and environmentally-conscious efforts, as well as commercial, hotel, residential, and office buildings. The project is intended to enhance Tokyo's international competitiveness and be loved by the people of Tokyo. While there is no decision yet on whether the multipurpose stadium will serve as the new home of the Yomiuri Giants professional baseball team, the redevelopment is expected to be completed by March 2033, transforming the former Tsukiji fish market site into a "gateway to Tokyo".

Key Takeaways

  • Consortium to redevelop former Tsukiji Market site into 19-hectare mixed-use development.
  • Project to feature 50,000-seat stadium, conference hall, hotel, office, and food promotion facility.
  • Aims to create an internationally competitive hub for innovation, culture, and events by 2030s.
  • Consortium to invest 900 billion yen ($5.7 billion) in the redevelopment project.
  • Project intended to enhance Tokyo's international competitiveness and transform the area into a "gateway to Tokyo".