Mitsui Fudosan launching Hibiya project, targeting 2017
TOKYO -- On December 6, the tentatively-named New Hibiya Project being planned by Mitsui Fudosan on a plot adjacent to the Peninsula Tokyo in Yurakucho, Chiyoda Ward was approved as an urban planning project.
The plan calls for the construction of a mixed-use building with 35 floors above ground and four below providing 185,000 sq. meters of gross floor area, on the former sites of the Sanshin Building and the Hibiya Mitsui Building. Construction will start in fiscal 2014 and completion is targeted for fiscal 2017.
The building will mainly be used for offices with the latest BCP (business continuity planning) functions and retail facilities, and plazas will be built above and below ground. The planned site is located close to the Hibiya subway station and is a five-minute walk from JR Yurakucho Station. It is facing the imperial palace moat and is also close to the busy Ginza shopping district.
Mitsui positions the Hibiya district, where the project is located, as the second "smart city" after the Nihonbashi district, where the company is planning redevelopment.
The project site is designated as a special urban renaissance district and the floor-area ratio limit for the building has been relaxed up to 1,450% from the standard 900%. The relaxation was approved for the project's three-point contribution to urban renaissance, namely (1) the building of pedestrian-oriented infrastructure to connect the surrounding areas and subway stations, (2) the introduction of city functions that will improve international competitiveness and (3) the strengthening of disaster-prevention functions and reducing environmental burden.
For item (1), the concrete plan includes the demolition of a ward road running between the Sanshin Building and the Hibiya Mitsui Building, and the construction of the tentatively-named Hibiya Gate Plaza, which will be a space with about 4,000 sq. meters of area on the north side of the project site. The plan also includes the construction of a barrier-free passage for pedestrian flow connecting two subway stations and the underground plaza (about 1,200 sq. meters).
The features of item (2) include the preparation of a business cooperation base (about 2,000 sq. meters) to support venture businesses and both domestic and foreign small and medium-sized enterprises. They also include the establishment of a base to introduce the culture of Hibiya in cooperation with theaters, movie theaters and hotels in the surrounding areas.
The plan for item (3) includes the use of the building as a temporary shelter facility, the largest of its kind in Chiyoda Ward (approximately 5,000 sq. meters, capacity of around 3,000 people), for people who cannot return home in times of disaster and as a storehouse for emergency supplies.
The building is positioned to obtain grade 3 PAL/ERR environmental indicators as specified in the green building program by the Tokyo Metropolitan Government, as well as class S certification under CASBEE (Comprehensive Assessment System for Building Environmental Efficiency)
(Nikkei Real Estate Market Report, Dec. 17 edition)