A recent use-change will see some luxury rental apartments added to what could be Japan’s tallest tower-to-be. On January 8, 2022, the Nikkei Shimbun newspaper reported that the 390-meter tall Torch Tower, on the northern side of Tokyo Station, will have around 50 apartments with monthly rents ranging from 1 ~ 5 million Yen (approx. US$8,650 ~ $43,200). The largest apartment will be in the 400-square-meter (4,300 square foot) range.
Development sites in these highly-commercial districts have almost entirely been dedicated to commercial buildings, with almost zero residential offerings. The demand to develop office and hotel space, pre-pandemic, had been limiting residential supply in many of the prime areas in central Tokyo.
Torch Tower is a trillion Yen project led by Mitsubishi Estate on a 3.1 hectare site near Tokyo Station. Construction is expected to start in 2023 with completion in 2027. The 212-meter tall Tokiwabashi Tower, also part of the project, was completed last year. The hotel and event hall floors of the 63-story Torch Tower will be acquired by Mitsubishi Estate and Tokyo Century Corporation for 56 billion Yen.
For more on this story, go to Japan Property Central.