Based on decades of leadership and expertise
in the housing sector, Asahi Chemical Industry Co.,
Ltd. (“Asahi Chemical”) has begun the establishment
of a new sector of business operations, centering on
initiating and sustaining urban renewal in strategic
metropolitan locations.
Planning and coordination is underway
for a number of locations in Tokyo, including sites
in Adachi Ward, Nakano Ward, and Shinjuku Ward, as well
as in Bunkyo ward, where construction will soon begin.
Each of these urban renewal projects centers on the
design, construction, and operation of a high-rise condominium
with commercial facilities, with ownership sharing based
on an exchange of equivalent values.
The urban renewal business operation
draws on the expertise, experience and marketing capability
of Asahi Chemical, gained through many years of development
and growth in the detached-homes housing sector, in
formulating and achieving collective accord among landowners
for the sharing and maintenance of rights and interests.
Continuing development and expansion of this effort
will lead to its emergence as the second major segment
of Asahi Chemical's housing and land development operations,
complementing the established, industry-leading position
of its detached-home housing segment.
In concert with this effort, Asahi
Chemical is now planning the new Nishi-Shinjuku Urban
Renewal Project, as described in the following overview.
Nishi-Shinjuku Urban Renewal Project
— An Overview
The project includes the construction
of a ten-story building and community plaza on land
owned by Asahi Chemical, and enhancement of the local
environment with new color-tile sidewalks, street lamps,
and greenery along Otakibashi-dori between Shokuan-dori
and Ohme-kaido.
A new company, Sateraito Shinjuku Co.,
Ltd. (“SSC”; capitalization, ¥10 million;
President, Katsuhiko Sato), will play the lead role
in advancement of the project and acquire ownership
of the building and facilities. SSC has been formed
as a wholly-owned subsidiary of Asahi Kasei Homes Co.,
Ltd., which is itself a wholly-owned subsidiary of Asahi
Chemical.
The new building is scheduled to be
leased by SSC to a regional public authority, which
will establish offices there for the sale of off-track
betting tickets on bicycle races. As the building owner,
SSC will apply to the Ministry of International Trade
and Industry for a permit authorizing the use of the
building for this purpose, but neither SSC or Asahi
Chemical will participate in the actual operation.
The building will be open to the local
residents in the evenings and on office holidays, thus
providing a place for cultural and local activities.
It will also serve as a storage and access site for
food and water supplies to be used in times of emergency.
1. Project site
| 1) Location: |
5 Nishi-shinjuku 7-chome, Shinjuku-ku,
Tokyo (land parcel owned by Asahi Chemical) and
periphery along Otakibashi-dori
|
| 2) Area of land
parcel: |
1,617.74 square meters (approx.
489 tsubo)
|
| 3) Project components: |
Enhancement of Otakibashi-dori
periphery
Construction of ten-story reinforced concrete
building; total floor space, approx. 3,500 tsubo
(approx. 11,579 square meters)
Installation of community plaza |
2. Background events and circumstances
The project was originally
conceived and planning begun by local parties, but difficulties
in the planning stage led to a request for Asahi Chemical
to purchase the site and carry the project forward to
fruition. Asahi Chemical agreed to undertake resumption
of the project and carry it to fruition conditional
upon approval and cooperation by local residents. The
land purchase and subsequent developments have proceeded
as follows.
| May and December
1998: |
Conclusion of Land Purchase
Agreements and site acquisition by Asahi Chemical. |
| March 1999: |
Submission of petition for opposition
to the project by opposed residents to Shinjuku
Ward Assembly and adoption by the Ward Assembly. |
| July 1999: |
Establishment of SSC, for conduct
of the leasing business relating to the project. |
| December 1999: |
Submission of appeal for opposition
to the project by opposed residents to Shinjuku
Ward Assembly, and passage of statement of opposition
by the Ward Assembly. |
| April 2000: |
Submission of appeals for invitation
of the project to Shinjuku Ward Assembly by local
organizations favoring the invitation. |
| May 2000: |
Adoption of resolutions for
invitation of the project, by two townspeople
associations (The Shinjuku 7-chome Association
and the Hyakunin-cho Nishi-machi Association). |
3. Current status
A definitive resolution awaits
further progress. The statement of opposition to the
project adopted by Shinjuku Ward Assembly in response
to the petition from some of the local residents remains
in effect. In addition, a request for exercise of the
right to submission of a shareholder-originated proposal
has been received from opposed local residents. Developments
favoring implementation of the project include the above
townspeople association resolutions for invitation of
the project, and also apparently plans for the submission
of a related appeal to Shinjuku Ward Assembly for invitation
of the off-track ticket sales business.
With an appropriate resolution and
convergence of the relevant conditions, SSC will submit
its application for the use permit to the Ministry
of International Trade and Industry during the later
part of this year.
For Asahi Chemical, the goal is establishment
of a Nishi-Shinjuku Urban Renewal Project and business
in conformity with the intention and purpose of the
local residents.
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