“And that’s one of the things 3D is willing to do – buy the property and invest $10 million, $20 million renovating it.” “It needs a lot of work,” said Richard Hashimoto, president of the Japantown Merchants Association. Others say 3D’s ownership presents an opportunity to revitalize the area’s dated architecture.
“Absolutely it could have a devastating effect on the community,” said Paul Osaki, executive director of Japanese Cultural and Community Center of Northern California. The fear in the Japanese-American community is that 3D could push out family-run businesses in favor of big-box retailers and write the final chapter in the neighborhood’s slow decline.
A representative did not return calls for comment. The excitement surrounding the festivities was quickly overshadowed by news that three-quarters of the real estate in the historic San Francisco neighborhood, which grew from the ashes of the 1906 earthquake, had been sold amid weak revenue and lagging tourism.īeverly Hills-based 3D Investments, which agreed earlier this year to buy two hotels and two malls from Osaka, Japan-based Kintetsu Enterprises of America, has not publicly disclosed its plans. SAN FRANCISCO – As organizers prepared for the centennial of the nation’s oldest Japanese-American community, some worried that Japantown’s birthday bash could become its memorial service.
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