Greater Tokyo station expands to Nihonbashi as redevelopment enters third phase

Redevelopment around Tokyo Station is entering a new phase. In June, Mitsubishi Estate announced the Torch Tower project, set to become Japan’s tallest building at 385 meters, completion is slated for 2028.

Torch Tokyo in the background-middle.  CG rendering courtesty of Mitsubishi Jisho.

Located just north of the station, the tower will include a large observation deck, commercial floors, event spaces, and spa facilities, with an estimated 3 to 4 million visitors in its first year.

To the east, Nihonbashi is also transforming. In April, work began to relocate the Metropolitan Expressway underground, unlocking new space for pedestrian use and riverside redevelopment.

The current expressway over Nihonbashi on left, finished underground expressway on right.  Read more here.

One of five large-scale projects tied to this effort, the Nihonbashi 1-chome Central District led by Mitsui Fudosan and Nomura Real Estate, is set for completion in 2026.

A new 1.2-kilometer-long promenade along the Nihonbashi River, named the Nihonbashi Riverwalk, will connect districts via underground passages and elevated decks.

Graphic courtesy of the Nikkei Shimbun, edited by Patience Realty.

The developers are linking the Yaesu 1-chome North District directly to Tokyo Station and integrating surrounding areas, including Nihonbashi 1-chome East and Central Districts, into a walkable, unified zone.

“This will be an open space where nature, sky, and water blend just minutes from Tokyo Station,” said Katsuhisa Nanao of the Nihonbashi Riverwalk Area Management Association.

Urban policy expert Hiroo Ichikawa added that the project aligns with a global trend of restoring waterfronts lost during past periods of rapid growth.

On the west side of the station, the Otemachi–Marunouchi–Yurakucho area (known as Otemaru-Yu) has already seen major redevelopment. Much of this was driven by deregulation under the Koizumi administration and the introduction of special urban redevelopment zones.

The Tokyo Metropolitan Government also supported these efforts through a system allowing the transfer of floor-area-ratio, enabling taller buildings by using underutilized development rights from nearby plots such as the land Tokyo Station is on.

Timeline courtesy of the Nikkei Shimbun, translated by Patience Realty.

The wave of redevelopment expanded to Yaesu from the mid-2010s, culminating in the 2023 opening of Tokyo Midtown Yaesu. Now, attention is shifting north to Tokiwabashi and Nihonbashi, marking what some see as the third major stage of Tokyo Station area redevelopment.

This broad, area-wide planning approach mirrors other efforts across Tokyo. In Shibuya, for example, Tokyu Corporation refers to its surrounding 2.5-kilometer development zone as “Greater Shibuya,” which includes Harajuku and Omotesando.

Ichikawa noted that competition among urban hubs is intensifying. While Shinagawa had long been expected to become Tokyo’s next core business district - thanks to its proximity to Haneda Airport and the planned Chuo Shinkansen maglev line connecting Tokyo to Nagoya - that momentum has slowed due to delays in the maglev project.

Environmental concerns and political resistance, particularly in Shizuoka Prefecture, have pushed back the timeline for maglev completion beyond 2027.

In the meantime, the Tokyo Station area has surged ahead. A key reason is the planned Haneda Airport Access Line, a new rail link from JR East that will connect Tokyo Station and other central locations directly to Haneda Airport.

Using a combination of existing tracks and a new 5-kilometer spur line, the project is expected to dramatically shorten travel times - bringing Tokyo Station within 18 minutes of the airport. It will also serve other major hubs like Shinjuku and Shibuya.

Originally envisioned as a complement to the maglev, the Haneda Access Line has taken on increased strategic importance due to the maglev’s delay. By enhancing direct international connectivity, it further strengthens Tokyo Station’s position as the capital’s dominant business and transit hub.

“Marunouchi alone couldn’t compete,” Ichikawa said, “but combined with Yaesu and Nihonbashi, it now forms a powerful core. The opening of the Haneda Airport Access Line will only strengthen its position.”

Source:

Nikkei Shimbun (Japanese only; paywalled)