Mitsubishi Estate Residence and Nippon Steel Kowa Real Estate Establish Urban Redevelopment Association for Musashi-Koyama Project
Mitsubishi Estate Residence Co., Ltd. and Nippon Steel Kowa Real Estate Co., Ltd. have established an urban redevelopment association on December 23, 2025, for the “Koyama 3-chome District No.1 Type I Urban Redevelopment Project” in Shinagawa Ward, Tokyo. Obayashi Corporation has been appointed as the designated project executor.
The project site encompasses approximately 1.4 hectares adjacent to Tokyu Meguro Line’s Musashi-Koyama Station. Plans call for the development of a high-rise residential tower with a height of approximately 145 meters and about 850 residential units, with retail space planned for the lower floors. Completion is scheduled for fiscal year 2033. The redevelopment aims to enhance pedestrian connectivity and disaster-resilience functions, creating a mixed-use urban district that integrates housing and a shopping street catering to multiple generations.
As of January 2026, asking rents for relatively new rental apartment buildings (completed in 2025 or later) within a 10-minute walk of Musashi-Koyama Station are trending in the JPY 17,000 per tsubo range (approx. JPY 5,150 per sq. ft.), according to an editorial survey based on estie residential research data. With redevelopment progressing, residential demand in the area continues to strengthen, positioning this project as a key step in enhancing the developers’ presence in Tokyo’s southern urban area.
Key Facts
Project Name: Koyama 3-chome District No.1 Type I Urban Redevelopment Project
Association Members: Mitsubishi Estate Residence Co., Ltd.; Nippon Steel Kowa Real Estate Co., Ltd.
Designated Project Executor: Obayashi Corporation
Location: 21 (part), 24, 25, and 26, Koyama 3-chome, Shinagawa Ward, Tokyo
Nearest Station: Musashi-Koyama Station, Tokyu Meguro Line (approx. 2-minute walk)
Completion: FY2033
Site Area: Approx. 1.4 ha
Building Site Area: Approx. 11,280 sq. m (approx. 121,400 sq. ft.)
Gross Floor Area: Approx. 127,000 sq. m (approx. 1,367,000 sq. ft.)
Planned Number of Units: Approx. 850 units