Toyosu (豊洲), a man-made island created close to Odaiba in the 1930s, will soon see a dramatic increase in visitors. On October 11th, 2018, the new Toyosu Market will open its doors and permanently replace the iconic Tsukiji Fish Market, which is currently still the largest fish market in the world. It is worth taking a look at property and infrastructure in the area to gauge the potential for gentrification and notable developments.
Toyosu is located in the Kōtō ward and connected to Tokyo proper by the not-so-convenient Yurikamome Line (which only connects to other lines in Shimbashi) and the more frequented Yurakucho Line (which provides direct access to several central Tokyo stations). A large chunk of the island is taken up by the new fish market, and the other parts are dominated by recently constructed high-end condominiums and the shopping and entertainment complex Lalaport Toyosu, one of the largest malls in central Tokyo.
Besides Japanese and international retail shops, it houses restaurants, a cinema, an indoor kids’ amusement part and sports a modern waterfront promenade.
Toyosu is a popular residential area for affluent young Japanese families with children that appreciate the fact that several schools and kindergartens are located in the vicinity. While a few office buildings exist, the island real estate landscape is dominated by residential and commercial properties.
Concerns regarding this location are contamination and flood risk. The move of the fish market became a white elephant and was delayed for years as Toyosu Island was previously bustling with heavy industries. A former gas plant in the same location as the new fish market left considerable soil contamination, including benzene and arsenic level at multitudes of the allowed maximum. The Tokyo Metropolitan Government now claims the site to be safe after removing contaminated topsoil, but critical voices remain concerned of the health hazards potentially present all over the island.
Further, as a bay front location, Toyosu is susceptible to liquefaction, and flooding in case of a storm surge after a typhoon could reach the eastern part of the island with maximum heights between 3-5 m, according to the latest flood maps that were released by the Tokyo Metropolitan Government Office in 2018.
Prospects for appreciation
The opening of the new fish market will probably gentrify the Toyosu area due to its high profile and tourism appeal. In 2022, ‘Senkaku-banrai’, an amusement area with shops, restaurants, a 24h hot spring and a hotel, will open nearby the market, which further elevates the value of the island in terms of leisure. In addition, part of the old Tsukiji area will be used to finally close the ring road ‘No. 2 Arterial Road’ by 2022, which will connect Toyosu and the other Tokyo Bay Islands to Shimbashi, massively improving road access via car and bus.
Planned developments
In 2012, Mitsui Fudosan embarked on a JPY 100 billion (USD 1.3 billion) redevelopment project of the Toyosu area that encompassed two high-rise office buildings and retail facilities, covering a total area of 47,400 sq m. Construction was completed in 2016. In the same year, the company revealed an additional redevelopment project on the island, scheduled to be completed in 2020. The ‘Toyosu 2nd District 2-1 Project’ will be directly connected to Toyosu Station and cover a 27,800 sq m area. Two high-rise office towers, including retail facilities and a hotel on the upper floors of Tower A, are planned.
Notable Toyosu condominiums
Bayz Tower & Garden
Completion: 2016
Average price: JPY 880,000/sq m
Floors: 31
Facilities: Resident lounge, bar space and party room on the top floor, guest rooms with jacuzzi baths, a 270 sq m indoor kids play room and parents space.
Click here for more info and photos on this building
Skyz Tower & Garden
Completion: 2015
Average price: JPY 850,000/sq m; penthouses JPY 1,015,000/sq m
Floors: 44
Facilities: Resident lounges, guest suites, 800 sq m roof terrace, kids room, pool, gym, barbeque terrace, function rooms, nursery school, car sharing service, wifi in common areas and astronomical observation dome on the roof.
Click here for more info and photos on this building
Urban Dock Park City Toyosu Tower
Completion: 2008
Average price: JPY 1,000,000/sq m
Floors: 53
Facilities: Sky lounge, sky bar, guest room, swimming pool, jacuzzi, kids room. Click here for more info and photos on this building
By Mareike Dornhege
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