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Why We Won't Remember the Human or Financial Cost After the Olympics Begin

Tokyo Olympic Village Condo Buyers: Compensate Us for Delays

Harumi Flag development renderings and Mitsui Fudosan CEO Masanobu Komoda. (Harumi Flag, Getty) Some of the condominium buyers in Tokyo’s Olympic village are seeking compensation for delays to their move-ins. Occupancy at the master-planned Harumi Flag complex was to begin in 2023, but that has been pushed back at least a year, according to Reuters. The complex is set to house athletes competing in the pandemic-delayed Summer Olympics, now set to begin in July. Two dozen buyers of Harumi Flag units want payment from the community’s development team 10 companies with Mitsui Fudosan Residential https://therealdeal.com/new-research/topics/company/mitsui-fudosan/ as a lead developer. They have entered civil mediation proceedings.

Buyers of Olympic village condos left out in the cold after delayed Games

Tokyo Olympic Village Condo Buyers: Compensate Us for Delays

Buyers of Olympic village condos left out in the cold after delayed Games : The Asahi Shimbun

Tokyo’s Harumi district, where the Olympic Village and Paralympic Village are located, is seen in June 2020. (Asahi Shimbun file photo) When Tokyo won the right to host the Olympic Games, enthusiastic buyers flocked to purchase luxury condominiums planned for the sprawling development that will house athletes during the event. But with the Olympics delayed for a year because of the global pandemic, and with uncertainty still clouding the Games, buyers’ excitement has turned into frustration. Even as move-in dates have been pushed back by a year, they say they have heard little from the property companies. Two dozen buyers of units in Harumi Flag, the 5,600-condominium complex on the Tokyo waterfront, are seeking compensation for the delay from developers.