#Yokohama #Honmoku #Miyawa Real Estate

Establishment of the Honmoku Motomachi Cooperative Building Sale Association

Miyawa Real Estate Co., Ltd. has recently made a significant announcement regarding the establishment of the Honmoku Motomachi Cooperative Building Sale Association, which received approval from Yokohama City under the Land Readjustment Act. This marks a major step forward in the project aimed at redeveloping the land occupied by the Honmoku Motomachi Cooperative Building. The official establishment of the association took place on September 13, 2023, with collaborative efforts from the current land-right holders.

Background of the Honmoku Motomachi Cooperative Building Sale Project

Originally completed in May 1968, the Honmoku Motomachi Cooperative Building was developed in partnership with the Kanagawa Prefectural Housing Supply Corporation as part of a community residential initiative, designed to provide housing to local residents. This building, which features a surface right division, is ideally accessible, with several transportation options available, including bus routes from Neugishi Station on the JR Keihin-Tohoku Line and Motomachi-Chukagai Station on the Minato Mirai Line. In addition, its proximity to the historic Sankei-en garden allows residents to enjoy beautiful natural surroundings throughout all seasons.

More than five decades have passed since its construction, leading to various concerns regarding aging infrastructure and insufficient earthquake resilience. Residents had long deliberated on the quality of living conditions and safety issues stemming from the building's age. In response, Miyawa was selected as a project partner in September 2023. Together with the environmental planning consulting firm, the company commenced efforts to pursue the land sale, aiming for a resolution to approve the sale of the land by March 2025, which was later approved by Yokohama City in August of the same year, culminating in the establishment of the sale association.

First Sale Association Under the Land Readjustment Act in Kanagawa Prefecture and Yokohama City

This project makes use of the sales system established by the Land Readjustment Act, allowing co-owners of the building identified for demolition to form the land sale association. They can then sell both the land and the building rights to buyers like developers. This new approach allows for non-residential redevelopment options, with expectations that it will facilitate the timely regeneration of insufficient earthquake-resilient buildings. Notably, this is the first instance of establishing such a land sale association based on the Land Readjustment Act in both Kanagawa Prefecture and Yokohama City, and the initiative has been highlighted on Yokohama City's website as a pioneering land sale project.

Current Status of the Former Building

• - Address: 61-1 Honmoku Motomachi, Naka Ward, Yokohama City, Kanagawa Prefecture
• - Structure and Size: 4-story reinforced concrete building, total floor area of 1,791.54 m²
• - Number of Units: 20 (18 residential units and 2 commercial units)
• - Completion Date: May 2, 1968
• - Management Organization: Honmoku Motomachi Cooperative Building Management Association
• - Land Area: 644.16 m² (as per legal documentation)

Project Details

• - Business Method: Land sale project based on the Land Readjustment Act
• - Buyer: Miyawa Real Estate Co., Ltd.
• - Consultant: Environmental Planning and Design Co., Ltd.

Timeline of Events and Future Outlook

• - 2019: Initiation of discussions on redevelopment strategies to address aging issues.
• - January 2023: Approval of resolutions concerning the promotion of bulk sales and certification requests for demolition needs.
• - March 2023: Secured certification from Yokohama City indicating the necessity for demolition.
• - September 2023: Miyawa selected as project partner.
• - February 2024: Miyawa designated as the buyer.
• - September 2024: Received certification from Yokohama City on the buyer's plan.
• - March 2025: Resolution approved for the sale of the land.
• - August 2025: Establishment of the cooperative association.
• - September 2025: First meeting of the cooperative association.
• - February 2026: Approval for distribution of funds (tentative).
• - March 2026: Expected rights expiration date.
• - April 2026: Demolition of the existing building and commencement of redevelopment efforts.

Miyawa Real Estate's Commitment to Redevelopment

Miyawa Real Estate is committed to revitalizing urban areas through redevelopment and renewal projects by establishing a new