New Ginza Development

Above, shoppers in Ginza. Photo by Armand Vaquer.

The Ginza ward in Tokyo is one of Japan's most prime real estate areas. Prices of land in the Ginza area rose 9.6 % in 2013 to ¥29.6 million per square meter.

As land prices have risen, it has attracted investors who, with an eye towards the 2020 Tokyo Olympic Games, will develop a new 13-story commercial complex in Ginza.

According to Bloomberg:

Mori Building Co., Japan’s biggest closely held developer by sales, and LVMH Moet Hennessy Louis Vuitton SA (MC), the world’s largest luxury-goods maker, are part of a group that will develop a retail and office complex in Tokyo as they anticipate increasing consumer spending.  

The two companies along with Sumitomo Corp. and J. Front Retailing Co. will spend 83 billion yen ($799 million) on a 13-story building with six underground levels in Ginza, said Shingo Tsuji, president of Mori Building, at a press conference today in Tokyo. Construction of the commercial facility, with about 147,600 square meters (1.6 million square feet) of floor area, will start this month and be completed by November 2016, the companies said in a statement. 

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