TOKYO—Mitsubishi Estate Co. plans to build a 61-story building near Tokyo Station that would likely become the tallest built structure in Japan.

At 390 meters (about 1,280 feet) tall, the Mitsubishi building would be 90 meters (295 feet) taller than Abeno Harukas, the country's current giant located in the city of Osaka. Mitsubishi Estate plans to spend more than $8.25 billion (1 trillion YEN) on the project, hoping the new building will serve both as a centerpiece of a major business district and tourist destination, officials said Monday. The highrise would be among four buildings in the project to be erected in the Tokiwabashi district in Chiyoda Ward.

Depending on government approval, Mitsubishi Estate hopes to start construction of the project in fiscal 2023 and aim for completion in fiscal 2027.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.