Tokyu Land partners with Odakyu Electric Railway for $1.7b commercial project

Odakyu Electric Railway announced that it will work with Tokyu Land on the $1.7 billion redevelopment of the former Odakyu Department Store near the west exit of Shinjuku Station, a major railway station in the Shinjuku and Shibuya wards of Tokyo.

The $1.7 billion project will feature an 853-foot tall, 48-story office building, with construction to start in October 2022. Odakyu will provide the land, while Tokyu will be in charge of developing it. Once complete, the two companies will share ownership.

The Shinjuku main building of the Odakyu Department Store opened in 1967. The 14-story building was designed by Junzo Sakakura, a pioneer of Japan’s post-war modernist architecture. The store will remain open until September 2022. Several brand shops and food stores will relocate to the nearby Shinjuku West Exit HALC building, which opened in 1962.

Completion of the new project is expected in 2029.