GINZA DEVELOPMENTS: LVMH Moët Hennessy Louis Vuitton’s real estate arm L Real Estate and three Japanese companies are collectively investing 83 billion yen, or about $800 million, to jointly develop a new retail and multi-purpose development in Tokyo’s Ginza district.
Construction starts this month on the new building, which will feature 495,140 square feet of retail space, as well as offices a theater and a rooftop garden. Scheduled to open in November 2016, the 13-story structure will redevelop an approximately 1.4-hectare site including the former site of the Matsuzakaya Ginza department store.
Developers said the retail section of the new building will house 250 to 300 premium tenants including fashion and luxury goods brands as well as restaurants and cafes.
L Real Estate is joining forces with Japanese retailer J. Front Retailing Co. Ltd. and real estate developers Mori Building Co., Ltd. and Sumitomo Corporation for the project.