Long in the shadow of the Metropolitan Expressway that runs overhead, Tokyo's Nihonbashi district is headed back into the spotlight as developers seek to recreate the "water city" that existed in the Edo Period (1603-1867).

Mitsui Fudosan Co. unveiled its Nihonbashi revitalization plan on Aug. 29, a long-range project that will take advantage of the government moving the stretch of elevated expressway underground.

The company plans to add commercial facilities to attract visitors and revitalize the open-sky waterfront.

Construction on the Nihonbashi project will begin around 2025 and is scheduled to be completed from the late 2030s to 2040s.

The cost of the project has not yet been announced, but it will likely run from hundreds of billions yen to 1 trillion yen ($9.4 billion).

“It will be very difficult and take a long time,” said Masanobu Komoda, Mitsui Fudosan president. “But we will definitely achieve the goal.”

The Nihonbashi project is one of a string of redevelopment projects mainly around train stations and sightseeing spots that are under way or planned in central Tokyo.

The townscape of one of Asia's major cities will continue to be transformed long after the 2020 Tokyo Olympics and Paralympics is a distant memory.

The Nihonbashi revitalization project, which will target a 6.7-hectare area along a 600-meter-long section of the river, will coincide with the Metropolitan Expressway being moved underground after more than 50 years.

Mitsui Fudosan also developed the Tokyo Midtown complex in the capital's Roppongi district, whose scale is equivalent to that of the Nihonbashi project.

Starting from the commercial complex Coredo Nihonbashi, which opened in 2004, Mitsui Fudosan has been developing a series of commercial facilities and office buildings in the district.

The newest project will encompass the Nihonbashi bridge, for centuries the symbol of the district, and the surrounding area.

A public walkway will be set up along the riverside, which is currently surrounded by skyscrapers, that will offer commercial facilities at lower heights.

The entrances to eateries and shops will face the river to encourage foot traffic among visitors.

PROJECTS CHANGING FACE OF CENTRAL TOKYO

Construction on major urban development projects in other parts of central Tokyo is proceeding.

An official of a major contractor describes the current situation as where, “old buildings are losing their competitive advantage and (the sites) are being redeveloped and moving forward with the 2020 Olympics as the driving force.”

An increasing number of foreign visitors is also significantly accelerating the phenomenon, according to the official.

Numerous skyscrapers are under construction. Mori Building Co. is scheduled to complete a 330-meter-tall building as well as 200-meter-or-so buildings, which will accommodate offices or residences, in the Toranomon and Azabudai districts in March 2023.

The main tower of the project is expected to be the highest building in Japan in 2023, surpassing Osaka's 300-meter-tall Abeno Harukas.

On the northern side of Tokyo Station, Mitsubishi Estate Co. is scheduled to complete a 212-meter-tall building complex in April 2021, and aims to complete a 390-meter structure in fiscal 2027.

That will likely become Japan’s highest building at that time, surpassing Mori Building's 330-meter skyscraper.

A 230-meter Shibuya Scramble Square building, to be directly connected to Shibuya Station, which is being jointly developed by Tokyu Corp., East Japan Railway Co. (JR East) and Tokyo Metro Co., will open in November this year.

In the Kabukicho district in Shinjuku Ward, a 225-meter building, which will include movie cinemas and theaters, will be completed by Tokyu Corp. and other companies in fiscal 2022. The facility will offer nighttime entertainment options.

JR East will construct an international convention center near the Takanawa Gateway Station of the Yamanote Line, which will open in spring 2020.

The company is scheduled to complete the convention center building in 2024, aiming to make it a hub for international business communication.

(This article was written by Naoyuki Takahashi and Keiko Nannichi.)