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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Estate Co., Ltd.    8802   JP3899600005

MITSUBISHI ESTATE CO., LTD.

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Mitsubishi Estate : Construction Begins for “Umekita Second Zone (Tentative Name) Development Project”New Area with approx. 45,000m² of urban park space to be created in front of Osaka Station (PDF 3,554KB)

01/13/2021 | 02:04am EST

Construction Begins for "Umekita Second Zone (Tentative Name) Development Project"

New Area with approx. 45,000m2 of urban park space to be created in front of Osaka Station

TOKYO, Japan - December 21, 2020 - The joint venture of nine companies*1 ("JV9") serving as the developers for the Umekita Second Zone led by MITSUBISHI ESTATE CO., LTD., after being selected as developers through the "Umekita Second Zone Development Project Recruitment" effort implemented in December 2017 by the Urban Renaissance Agency ("UR"), collaborated with the UR, Osaka Prefecture, Osaka City, and other entities on the "Umekita Second Zone (Tentative Name) Development Project" ("the project") to formulate a plan for said project, and it announced that construction has begun (see attached for plan details). In addition, the official website for the project went live today, and new information will be released when deemed necessary.

JV9 aims to achieve a new urban model for Osaka that incorporates the concepts of the new normal/next normal, Society 5.0, SDGs, and so on based on the philosophy inherent in the urban development policy for a "base for fusing "midori"*2 and "innovation" that was formulated by the Osaka Station Area/Nakanoshima and Midosuji Area Urban Renaissance Emergency Development Council. Based on the plan concept, JV9 will continue to promote this project in collaboration with the public and private sectors.

Panoramic view of Umekita Second Zone (Concept image for completed project)

  • Plan Concept

Creation of "Osaka MIDORI LIFE"

JV9 will go beyond the traditional paradigm for urban development to contribute to the creation of a society that accepts diversity, including that of nationality, age, gender, and disability, where people share their wisdom and each person can feel an improvement in their QOL (quality of life).

To that end, JV9 will create urban spaces fused with midori and overflowing with vitality, facilities that serve as a starting point for innovative activities, and places and systems where residents, companies, and various other individuals can take on new activities. In doing so, it will disseminate the vibrant and creative life model known as "Osaka MIDORI LIFE" from Umekita to Kansai and the rest of Japan, as well as overseas.

"Osaka MIDORI LIFE" Concept

Maremagnum / gettyimages

Iosif Budau / 500px / gettyimages

Zied Mbarki / EyeEm / gettyimages

Future Schedule (Planned )

Around Summer 2024: Advance opening (A portion of the private residential area and urban park)

Fiscal 2027:Complete opening for Umekita Second Zone

Official Project Website

URL: https://umekita2.jp/ (in Japanese)

*1: One member of JV9, Umekita Kaihatsu Tokutei Mokuteki Kaisha, is an SPC funded by Obayashi Corporation.

*2: An open space rich in greenery that anyone can easily access. The Umekita Second Zone green space enhances the dignity and appeal of the city and provides an opportunity to elevate Osaka to the level of an international city with a world-class urban space. This will concentrate capital and superior human resources from all over the world and generate creative and transformative change (innovation).

1. Accessibility

Attachment

One of the most accessible locations in Osaka

Umekita Second Zone boasts excellent accessibility from the Kansai region, with access to 7 stations and 13 lines, including JR Osaka Station. In addition, because it also offers easy access to Kansai International Airport, Osaka International Airport, and Shin-Osaka Station, which are major domestic and international gateways, there will be an increase in inbound visitors and a further regional development and

revitalization, which will attract ever-growing attention both domestically and overseas. Plan for new station to serve as major hub

  • "Umekita (Osaka) Underground Station," which is scheduled to open in the spring of 2023, will be a new terminal station connecting major railways in the Kansai region, and trains such as "Kansai-Airport Express Haruka" will make stops there. In particular, access to Kansai International Airport and Shin-Osaka Station will improve dramatically, and with the (planned) opening of the Naniwasuji Line in 2031, accessibility from the Namba area will improve as well.
    Also, in the future, there are plans for a "Naniwasuji Connection Line (a new line connecting JR "Umekita (Osaka) Underground Station" and Hankyu "Juso Station" )" by Hankyu Corporation. It is also expected that accessibility will be further enhanced by strengthening various transportation functions, such as through plans to construct an interchange on the expressway (Yodogawa-Sagan Route) for automobile use.

Area Map

2. Project Layout Map (Planned)

South Block Private Residential Area

North Block Private Residential Area

Rental Property

Condominiums for sale

Rental Property

Site area: Approx. 8,400m2

Site area: Approx. 7,320m2

Site area: Approx. 25,260m2

Total area: Approx. 64,200m2

Total area: Approx. 85,000m2

Total area: Approx. 314,250m2

Floor area ratio: 650%

Floor area ratio: 650%

Floor area ratio: 1,100%

Number of floors: 26F above ground, 3F

Number of floors: 47F above ground,

Number of floors: (West Building) 39F above ground,

below ground

1F underground

3F underground

(East Building) 28F above ground,

3F below ground

Condominiums for sale

Site area: Approx. 5,170m2

Total area: Approx. 93,000m2

Floor area ratio: 1,100%

Number of floors: 51F above ground, 2F underground ground

Urban Parks

Site area: Approx. 45,000m2

West Building

East Building

Business Facilities

Commercial Facilities

Residential Facilities

Accommodations

Core Facilities

3. Project Characteristics

  1. A vibrant and active urban space fused with midori
    • A platform that embraces diversity
      • In order to achieve a large green space integrated with the North and South Urban Park and the West Gate plaza, JV9 will create approx. 80,000m2 of midori by combining the urban park, private residential land, and West Gate plaza.
      • With the goal of realizing a city where a variety of people can gather and encounter new worlds and aspects of themselves, JV9 will revive the Osaka Original Rich Moist Ground and create a space full of greenery where the landscape, including the architecture, is connected. The globally renowned GGN*3 will take charge of the entire design and create a diverse and unique public space that takes advantage of the unique climate of Umekita. Additionally, a three-dimensional urban space that allows visitors to feel the light, wind, and greenery is achieved through the diverse "spaces" created from the contours of the site combined with the square-shaped buildings situated within.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Mitsubishi Estate Co. Ltd. published this content on 21 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2021 07:03:02 UTC


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