Japan Futako-Tamagawa Station Redevelopment Project of Tokyu Corporation

Tokyo, Japan

Tokyu Corporation

TOD; Rail Transit; Comprehensive Development

Completed in 2015

Tokyu Corporation’s business growth is mainly through coordination and integration of its three core businesses: transportation, real estate and living service. It is one of the first companies promoting a joint development model between railway service and urban development. This company develops high-end self-sufficient real estate and provides various commercial supporting facilities based on the development concept of garden cities (see https://www.britannica.com/topic/garden-city-urban-planning for more information about garden city urban planning).

Since it is relatively costly to develop new rail lines in Tokyo, which has already been intensively developed, investors need to improve areas around stations to attract sufficient residents to stimulate traffic volume along the new rail lines. The purpose of redeveloping Futako-Tamagawa Station is to develop a new center integrating commerce, residence and entertaining activities, thus effectively utilizing the accessibility of the area and public facilities around the Tamagawa railway station.

The key mechanisms adopted for redevelopment of the Futako-Tamagawa Station include internalization of accessibility and aggregation effect, market-driven redevelopment strategy, and inclusive long-term redevelopment plan with integration of transportation, commercial center and high-quality living environment. The redevelopment of Futako-Tamagawa Station has improved Tokyu Corporation’s income from real estate and increased ridership on relevant railway lines, which has attracted more customers for retail and other living services in this region.

From fiscal year 2004 to 2014, 35% of Tokyu Corporation’s operating profits were from real estate (JPY 259 billion), 40% were from transportation, and 24% were from retail, entertainment and hotel services.

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Phase I of the project was completed in March 2011 and included two shopping centers, one 16-floor office building, five residential buildings, and 1,033 apartments.

Futako-Tamagawa Station redevelopment project is an urban comprehensive development project led by a railway operation company. The project increased income growth from real estate and operation services and business growth from railway passenger transportation.