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Urban Redevelopment Project Reliving Past Glory
Shiba 3-Chome East Redevelopment Fully Opened
Hotel to Open July 7, 2002

July 4, 2002
Mitsui Fudosan Co., Ltd.

Mitsui Fudosan has been redeveloping a 2.4-hectare site in the Shiba 3-chome area of central Tokyo's Minato Ward. The project is called the Shiba 3-Chome East Redevelopment. On July 7, the 243-room Celestine Hotel, operated by Kokusai Kanko Kaikan Co., Ltd., will open within the site's Celestine Shiba Mitsui Building. This marks the completion of the final stage of the project and means that all components of the project will be open and fully operational. To celebrate the occasion, a number of commemorative events will be held on July 7 and 8.
The construction portion of redevelopment project was completed on March 29, 2002, and all sections except for the hotel were subsequently opened. They include a rental office building in the commercial facility section on the east side (where the hotel is now also located); the head office building of The Chuo Mitsui Trust and Banking on the south side; and Shiba Park Tower, an ultra-high-rise condominium building, on the west side.

The project was undertaken based on three laws that were introduced to govern integrated inner-city redevelopments. It is an urban redevelopment project that takes a Meiji Period site of blocks and streets, and reproduces the site as a modern city that integrates living, working, and leisure functions. It is the first redevelopment project in Japan based on all three abovementioned laws, and the first in Tokyo under one of the laws, which pertains to advanced utilization of urban land.

The site was formerly the fiefdom of the Satsuma Shimazuhan feudal clan. As part of the redevelopment, we have built a road through the site, called Shiba Satsuma Street, which blends the functions of a street with open space areas associated with buildings on the site. We have also set up a monument portraying how the site has changed since the Edo Period, in addition to a water well in the image of old Japan. Moats and garden stones actually used long ago have also been used to help preserve the site's historical significance.

Shiba Satsuma Street is about 155 meters long and 30 meters wide. It serves as a buffer zone between the residential and commercial sections of the site while also providing comfortable open space with a seamless combination of greenery and water.

The Celestine Shiba Mitsui Building is a 21st-century-style integrated business and commercial facility. With 17 stories above ground and two below, it contains offices, a hotel, and retail functions. In the office section of the building, each standard floor has a space 2,475 square meters. The office section also is equipped with modern communications facilities to meet the advanced IT infrastructural needs of today's corporations.

Celestine Hotel is somewhat different from a traditional urban-style hotel. It is designed to suit a broad range of customers, including businesspeople and tourists. It offers both "comfort and functions necessary for business" and "a place to relax the body and mind." Thanks to its advanced features and the attraction of its surrounding site, the hotel is fully booked from the time of its opening.

Under the redevelopment project, Mitsui Fudosan has been involved in the original site preparation work as the landowner. We have also promoted the business side of the project as a representative of the Association. To preserve a harmonious appearance throughout the site, we employed a landscape architect to formulate design guidelines and undertook environmental work jointly with owners of adjacent sites. In these ways, we have played an important coordinating role throughout the project.

Through this project and other diversified business initiatives, Mitsui Fudosan will work to create new levels of value in real estate. By striving in these ways to promote urban renewal, we will "provide comfort and charm to urban environments" as outlined in our Group mission statement.

Project Overview

Business entity Shiba 3-Chome Higashi Tochi Kukaku Seiri Association
Site address Shiba 3-chome (and part of 5-chome), Minato-ku, Tokyo
Site area Approx. 2.4 hectares
September 1996
Notification of formation of preparatory group for establishment of Association
April 1997
Approval received to establish Association (from Tokyo Governor)
May 1997-March 1998
Site preparation
November 1999
Land use redesignation
March 31, 2000
Association disbanded