TOKYO -- Opened in December 1958 as a multipurpose radio tower, the 333-meter high Tokyo Tower has stood as a landmark of the capital for over six decades.
But with the taller Tokyo Skytree (634 meters) opening in 2012, taking over the role as the main broadcasting facility, Tokyo Tower is looking for a new purpose in its second life.
Real estate developer Mitsui Fudosan has been tasked with developing the area around the red-and-white tower. The company was recently chosen among five bidders by the tower's owner, The Tokyo Tower Company.
The plan involves developing a 25,000 sq. meter area around the tower by 2030. With an eye on recovering international tourism in the post COVID-19 era, the area is set to be one of Tokyo's most iconic shopping districts.
Mitsui and The Tokyo Tower Company will form plans to develop buildings that house retail stores as well as cultural facilities. Mitsui specializes in incorporating parks into its development, and the neighboring Shiba Park, a public park, is expected to play a major role in the project.
The cost of the project and the completion date will be determined in line with the overall recovery from COVID. But the companies expect the new facility to be running by 2030.
Together with the rebuilding of the historic Imperial Hotel near Ginza, as well as the redevelopment around the Tokyo Dome, the Tokyo Tower development will likely help Japan return to its grand strategy of boosting its economy through inbound tourism.
The area around Tokyo Tower currently is home to a film studio and restaurants. Now only able to serve as a back up broadcast tower, Tokyo Tower is in search of new revenue streams.
Next spring, an esports facility will open in one of the existing buildings.
A Mitsui representative told Nikkei that an in-house project team is putting together development plans for the area around Tokyo Tower.
A representative of The Tokyo Tower Company said, "It is true that we are comparing notes with Mitsui Fudosan over issues such as the foundation on the Tokyo Tower and the state of the current facilities."
Even after the opening of Tokyo Skytree, Tokyo Tower has continued to be a popular tourist destination, especially when it is illuminated at night. In 2018, the total number of visitors surpassed 180 million people since the tower first opened.
Various real estate development projects are underway in Tokyo. In the nearby Toranomon-Azabudai area, Mori Building Company is investing over $5 billion to develop a high-rise set to be completed in 2023.
In the Akasaka district, Mitsubishi Estate is teaming with media conglomerate Tokyo Broadcasting System Holdings to develop an entertainment facility .
Mitsui is undertaking the redevelopment of the Imperial Hotel and the neighboring Hibiya Park. President Masanobu Komoda has focused on advancing the company's strengths in "mixed use" facilities, that combine retail, hotels and parks.