Toyo Real Estate to Convert Former Employee Dormitory in Edogawa Ward's Funabori into Housing and Retail

Toyo Real Estate Co., Ltd. will begin renovation work in August 2026 on (Tentative Name) Edogawa Ward Funabori 3-chome Regeneration Architecture Project, which will convert a former employee dormitory in Funabori 3-chome, Edogawa Ward, Tokyo, into multifamily housing and retail. Completion is scheduled for the end of July 2027.

The existing building was completed in 1992 and has six above-ground floors, with a Gross Floor Area of approximately 2,156 tsubo (approx. 76,700 sq. ft.). It was previously used as an employee dormitory for MUFG Bank. While reusing the existing structural frame, the project will carry out seismic reinforcement, floor additions and reductions, equipment upgrades, and interior and exterior renewal, creating 80 multifamily housing units along with restaurants, a sports practice facility, and retail shops.

The property is located a four-minute walk from Funabori Station on the Toei Shinjuku Line. The average asking rent for rental housing within a ten-minute walk of the station has risen approximately 23% over the past three years, reaching approximately JPY 11,070 per tsubo as of the end of June 2026 (research by the editorial team based on estie Residential Research).

In June 2026, JR East Urban Development Corporation began occupancy at Aarulliet Musashi-Sakai Craft, a full-building renovation of a former JR East employee dormitory. In the same month, Tokyu Land Corporation also completed COMFORIA Reev Shonan Kugenuma, a former employee dormitory it converted into a 48-unit rental apartment building (see related article: Tokyu Land Corporation Converts Former Employee Housing into Rental Apartment in Fujisawa, Kanagawa). Amid a continuing trend of converting employee dormitories and company housing into housing for the general public, Toyo Real Estate has likewise extended its housing development know-how to the regeneration of existing building stock.

Key Facts

• Property Name: (Tentative Name) Edogawa Ward Funabori 3-chome Regeneration Architecture Project
• Developer: Toyo Real Estate Co., Ltd.
• Location: 9-7 Funabori 3-chome, Edogawa Ward, Tokyo
• Nearest Station(s): Four-minute walk from Funabori Station on the Toei Shinjuku Line
• Construction Start: August 2026 (planned)
• Completion: End of July 2027 (planned)
• Existing Building Completion: March 1992
• Number of Floors: 6F / B1 (steel-reinforced concrete construction)
• Area: Site area of approximately 708 tsubo (approx. 25,200 sq. ft.) / Existing Building Gross Floor Area of approximately 2,156 tsubo (approx. 76,700 sq. ft.)
• Use: Multifamily Housing (80 units) / Restaurant / Sports Practice Facility / Retail
• Design and Supervision: Konno Kodai Saisei Kenchiku Sekkei Co., Ltd.
• Construction: Daisue Construction Co., Ltd.