The Tokyo Tower Company, owner of the iconic communications tower in the nation’s capital, is working with Mitsui Fudosan to turn the area around the tower into the city’s most bustling shopping district, according to Nikkei Asia.
The development, which will see the repurposing of the 25,000sqm area, is expected to be completed by 2030. Under the plan, Mitsui will develop buildings that feature retail tenants together with cultural facilities.
Tokyo Tower currently only functions as a backup broadcast tower, since the 634m-tall Tokyo Skytree took over as the city’s main broadcasting facility in 2012. The new development is expected to drive new revenue streams for the tower, especially when the completion date will be in line with the recovery of international tourism in 2030.
The estimated cost of the project has not yet been disclosed, however, it will be determined based on the overall recovery situation from the Covid-19 pandemic.
Mitsui Fudosan was chosen from five bidders pitching to take part in the redevelopment.
- Main image: @BOOCYS via Twenty20.