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Mori Building takes on 10-year, ¥400B project in Tokyo

MoriBuilding Co. Ltd. on April 13 unveiled a plan to redevelop theToranomon business district in Minato, Tokyo, an endeavor that will take abouta decade to complete and ¥400 billion to build.

The company said in a news release that the plan willinclude the development of three skyscrapers around an existingmixed-use tower. The proposed Toranomon Hills complex will cover 7.5 hectares,including 800,000 square meters of total floor space, about 300,000 squaremeters of office space and 26,000 square meters of retail space. It will alsoinclude a new subway station and a bus rapid transit station to connect thearea to central Tokyo and the bay area.

At the project's unveiling ceremony, Mori BuildingPresident Shingo told reporters that the development of the threebuildings at the complex is expected to cost ¥400 billion.

Work on the 36-floor Toranomon Hills Business Towerand the 600-unit Toranomon Hills Residential Tower is scheduled to begin infiscal 2016 for a 2019 opening. Meanwhile, details on the multi-use ToranomonHills Station Tower are still being ironed out but it will house the subwaystation and is scheduled to open in 2022.

NikkeiAsian Review noted that other similar large-scale projects in Tokyoinclude Mitsubishi Estate Co.Ltd.'s Marunouchiand Mitsui Fudosan Co. Ltd.'sNihonbashi.

Based in Minato, Mori Building was establishedin 1959 and focuseson urban redevelopments in Japan. In 2014, it to spend ¥1 trillion over thenext 10 years.

As ofApril 13, US$1 was equivalent to ¥109.29.