Japanese infrastructure firm Tokyu Corporation is laying the foundations for tomorrow’s urban living districts.
Since its foundation in the 20th century, Tokyu Corporation has played a major role in the history of Japanese communities, through urban development and then later through rail connections. The firm is now looking to help lead the nation’s cities into the future with a pioneering regeneration plan based around a growing district of Tokyo.
The redevelopment in Shibuya, where the company’s headquarters is based, is designed to be a modern space for retail, offices, and nightlife while also attracting creative industries to the area. Masahiro Horie, president of Tokyu Corporation, said the scheme centered around Shibuya station is scheduled for completion within the next decade. Tokyu plans to continue its investment in the Greater Shibuya Area with a commitment of 500 billion yen (approximately $3.2 billion). The project includes 800,000 square meters of real estate as the firm looks to capitalize on the district’s creative heritage.
The concept for the area centers around the theme of “Live, Work, and Play”. “We are trying to turn Shibuya into a hub for creative industries, encompassing new types of businesses and startups, as well as new market divisions for more traditional companies. To attract creative minds and companies to Shibuya, Tokyu Corporation itself has to take a more creative approach,” says Horie.
The regional conglomerate was founded as an urban development business, but in the decades since, it has grown and evolved to include entertainment, retail, hotels, and infrastructure interests. Through the Shibuya project, it will also be expanding its foothold in the leisure industry with plans for significant investment in the nightlife economy, hosting restaurants and entertainment venues as it seeks to reshape the local community. “We are focusing on developing the nightlife economy of Shibuya and hope to be able to provide further entertainment to foreign residents and visitors.
A recent example of these efforts is our Shibuya Sky attraction, located on top of the Shibuya Scramble Square building,” says Horie. Tokyu hopes the Shibuya project will follow its recent success with the Tokyu Kabukicho Tower in the neighboring city of Shinjuku, a 7-minute train ride from Shibuya. “Tokyu Kabukicho Tower has been able to provide entertainment, dining, hotels, and panoramic views within a single complex. As a result, I believe the surrounding area has become more robust, further supported by the extra transport options we have introduced such as the direct limousine bus to Haneda and Narita Airports,” adds Horie.
In addition to its innovative work at home in Japan, the firm enjoys significant interests overseas, including a major urban development in Binh Duong, near Ho Chi Minh City in Vietnam, and the Yanchep scheme near Perth in Western Australia. “The core of our business model is to invest in a location for the long term, rather than diversifying across many areas. We have tried to establish strong relationships with local governments, communities, residents, and companies, which also helps us to avoid the country risk found when working overseas,” says Horie.
