Tsukiji Fish Market's $5.8bn Transformation Unveiled

Apr 22, 2024

Tsukiji stadium

Mitsui Fudosan Spearheads $5.8 Billion Revamp of Tokyo's Historic Tsukiji Market Site

Plans include a 50,000-seat stadium, mixed-use developments, and cultural promotion

The historic Tsukiji fish market site in Tokyo, once a bustling hub for seafood trade, is set for a major transformation. Leading the initiative, Mitsui Fudosan and a consortium of partners will redevelop the 20-hectare area into a versatile venue featuring a large stadium, commercial spaces, and more, according to a recent announcement by the Tokyo Metropolitan Government.

Previously a major tourist draw, the Tsukiji market relocated to the larger Toyosu site in 2018, leaving its original location vacant. The redevelopment plan includes constructing a 50,000-seat stadium, designed for all-weather conditions and capable of hosting diverse events. Additionally, the project will see the rise of new commercial facilities, office buildings, hotels, and residential areas.

Key partners in the project include real estate and construction giants such as Yomiuri Shimbun Holdings, Toyota Fudosan, Kajima, and Taisei Corporation. The redevelopment, with an estimated cost of 900 billion yen (about $5.8 billion), aims for completion of most facilities by fiscal 2032, with the entire project wrapping up by 2038.

A unique feature of the redevelopment is a food-centric area that will collaborate with the nearby Tsukiji outer market. This area will focus on promoting local culinary traditions to both locals and tourists. Plans also include an exhibition facility designed to attract global events and complement existing convention centers.

Additionally, the consortium plans to establish an innovation center focused on life sciences among other sectors, featuring a 1,200-person hall near the waterfront. Enhancements to transport infrastructure are also part of the plan, including new access points for buses, self-driving vehicles, a ferry port utilizing the site’s coastal location, and even facilities for flying cars.

This ambitious project, which has been the subject of keen interest for years, was selected over another proposal centered on themes of manga, anime, and video games, which failed to meet the required criteria.

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