Photo/IllutrationModels of a cluster of condominium buildings in the Harumi waterfront district after a revamping of the athletes' village for the 2020 Tokyo Olympics and Paralympics (Morio Choh)

  • Photo/Illustraion

Dormitory buildings for athletes in the 2020 Tokyo Games will be converted into eco-friendly condominiums with stunning views along the Harumi waterfront district, as part of a massive redevelopment project for the area.

Officials of 11 major developers, including Mitsui Fudosan Residential Co., announced the "Harumi Flag" concept on Oct. 31, touting the natural environment of the site, which will feature thousands of trees and facilities that can produce hydrogen.

The ambitious project to further develop the waterfront district, scheduled to officially open in 2023, is expected to attract about 12,000 residents.

The hydrogen will be used to provide power for shared spaces at the condos and commercial facilities, as well as for fuel-cell buses and vehicles, according to the urban development plan.

Elementary and junior high schools, coupled with child-care facilities, will also be constructed in the district, the officials said.

The Harumi district, a reclaimed site overlooking Rainbow Bridge, is scheduled to be home for Olympians in the Tokyo Games in 2020. About 18,000 athletes will stay in dormitories in 21 buildings ranging from 14 to 18 stories.

Construction has been under way since January, after the 11 developers signed an agreement to buy a roughly 13-hectare plot owned by the Tokyo metropolitan government for 12.90 billion yen ($114.24 million).

After the conclusion of the Olympiad, buildings housing dormitories for athletes will be turned into high-rise condos, joined by two 50-story high-rises scheduled to be newly built in March 2024.

When completed, the entire complex will have 5,632 condos units. A total of 4,145 of these, or 70 percent, will be put up for sale, while the rest will be rented out.

A commercial facility with a supermarket, shopping mall and other shops will also be constructed.

Models of the condo units will be open to the public in spring 2019, and developers will start selling them in May.

Pointing out the site's convenient location, Takao Yamada, a managing executive officer of Mitsui Fudosan Residential, said, “Being within a 2.5-kilometer radius from the Ginza district, (Harumi Flag) will stand right in the heart of Tokyo.

“We want to create an Olympic legacy that we can be proud of for future generations.”

Still, economic prospects for the real-estate market in the waterfront district along Tokyo bay remain unclear, as the area is already bristling with high-rise condos.

An executive of one of the developers expressed such concerns, saying: "There is no precedent for such a large-scale sale of condominium units at the same time. We may face difficulties in the days ahead."