TOKYO-Grosvenor of San Francisco broke ground this week for its first development in Japan, a six-story, 45-unit luxury apartment development adjacent in Downtown Tokyo. The development will rise adjacent to Yoyogi Park, Tokyo's equivalent of Central Park in New York City.
Apartments in the building will range in size from 1,600 sf to 3,800 sf and each will enjoy views of the park, which was one of the sporting venues for the 1964 Olympics. The location is one mile from the Shibuya and Omotesando shopping districts. The cost of the redevelopment was not released by the parties involved; industry sources tell GlobeSt.com the total development cost is approximately $60 million.
Grosvenor is a privately owned international property group representing the interests of the Grosvenor family, which is headed by the Duke of Westminster. Grosvenor manages or has interests in approximately $17.3 billion of real estate. Grosvenor's international strategy includes a focus on residential development in Asia and other markets; in the US, the Company is more active in the commercial sector, particularly retail.
The Yoyogi Park project is part of Grosvenor's plan to establish its luxury residential brand in the region. To make it happen, Grosvenor is partnering with Japan-based property developers and other local experts including Properst Company Ltd. The designer of the project is British architect Paul Davis. Davis also designed Grosvenor's 29-story Grosvenor Place residential structure in Hong Kong, which in 2004 became the first residential development in Asia to win a MIPIM award.
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