TOKYO -- Real estate developer Mitsubishi Estate has teamed up with TBS Holdings to redevelop Tokyo's Akasaka district with a focus on entertainment, Nikkei has learned.

The two companies will invest more than 200 billion yen ($1.8 billion) to rebuild skyscrapers, a theater and a performance hall in fiscal year 2028 in Akasaka, with the hopes of attracting tenants in the entertainment industry. Mitsubishi Estate plans to develop similar projects in the Yurakucho and Otemachi districts.

The move shows that companies are starting to look beyond the COVID-19 pandemic as vaccination rates rise to revive consumer spending.

Mitsubishi Estate and TBS, parent of broadcaster Tokyo Broadcasting System, agreed to rebuild the Kokusai Shin-Akasaka buildings as part of the project. The two skyscrapers -- one is home to offices and startups and another to hotel and theaters -- will be rebuilt on a site of approximately 15,000 sq. meters.

Mitsubishi Estate also plans to develop projects focused on reviving the arts and entertainment industries in other districts in Tokyo. In Yurakucho, it will invest about 300 billion yen by 2030 to redevelop an old building. It plans to build new complexes for a conference hall and offices and it also hopes to attract companies in the performance arts industry.

In Otemachi, it hopes to complete a 390-meter tall skyscraper near Tokyo Station in fiscal year 2027. The building will house a large performance hall with about 2,000 seats for concerts and events.