Transaction details
- Shimizu and Tokyu to rebuild Jinnan Elementary School next to Shibuya Homes
- Shibuya Ward will provide the elementary school’s floor area ratio and 610 m2 of land for the adjacent ward road.
- As a result, it became possible to build a new condominium 150 meters high on the site of the former Shibuya Homes
- Until then, the plan was for 110 meters.
- This is the first attempt to exchange public property for private property without bidding in the name of urban planning” (Mr. Hideharu Moriguchi, real estate appraiser).
Stakeholder Opinion
- Park Court Shibuya The Tower
- Height: approximately 143 meters
- Concerned about loss of views and property values
- Park Court is built on land owned by Shibuya Ward, and the residents believe they should fulfill their responsibilities as landowners.
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Note: I thought this was an interesting case study of the fluctuation in the value of real estate in the context of Partial Common Ownership.
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