Urban renewal projects are an opportunity for apartment owners in old buildings to reinforce, fortify, and expand their apartments, thereby improving their quality of life and their property value, and to renovate public areas and infrastructures.
In urban renewal projects, the existing apartment is expanded, or demolished, and a new one is constructed in its place, while apartment owners do not bear renovation and construction costs.
As this is a significant decision to make, it is important that apartment owners possess all of the information they require to facilitate a successful project for them.
Urban renewal
Why Choose Us for Urban Renewal?
We’re people – first and foremost
Our company is a firm believer of eye-to-eye contact with our tenants, including personal care. Apartment owners get a direct phone call from all company officials.
Proven experience
Years of experience in real estate and urban renewal development, including best-in-class project planning and execution, while maintaining professionalism, unique design, and luxurious specification.
Financial strength
The financial strength of the company is one of the best in the industry. The company works with the leading banks in the country. Only the best guarantees and securities to tenants.
Reliability and professionalism
We consider apartment owners to be our partners, therefore the company provides a system of reliability and transparency while providing professional response and personal support.
Creativity
In the world of real estate and especially in the field of urban renewal, thinking outside the box is necessary. The company has rich experience in the field and finding solutions. Creativity is the way to our success!
All In House
- Licensing and planning department -
the department oversees projects and shortens the schedules.
- Tenant Changes Department -
The department handles the apartment owners of the projects according to their requirements.
What is Urban Renewal?
Urban renewal is an umbrella term for two types of programs: TAMA 38 and evacuation-building. The following are details about each program:
This is a sales transaction for all intents and purposes, in which you are selling your apartment rights to the developer and receiving the consideration you agreed on. That is why it is important that you become familiar with the process of urban renewal and know when and how to choose the professionals who will see you through the program, to ensure that you receive the best value at the lowest risk.
Please note, if you belong to certain populations, you may be entitled to various rights and benefits within the processes of urban renewal.
Redevelopment
Evacuation-building cluster – a condominium or a cluster of condominiums that must be vacated in order to construct a new building in a redevelopment complex according to a detailed plan;
Evacuation-building complex – an area declared as a redevelopment complex according to Article 14 of the Governmental Authority for Urban Renewal Law;
Evacuation-building transaction – a contract between a developer and an apartment owner in a condominium by which the apartment owner undertakes to sell their rights in the condominium, fully or partially, for the purpose of demolishing the condominium and constructing a new condominium in its place, in accordance with the redevelopment plan, attached with a power of attorney from the apartment owner To the developer, or to a lawyer on its behalf, to perform the actions required to execute the contract.
TAMA 38
Urban renewal of the TAMA 38 type is sub-divided into two types: reinforcement and thickening against earthquakes and demolition and reconstruction.
In both cases, the tenants receive an improved apartment after the works are completed.