Mori Building Co. on Thursday unveiled plans for a massive redevelopment project in central Tokyo, including the construction of what will become Japan's tallest building.

The 330-meter-tall skyscraper, with space for both office and residential use, will be completed in March 2023 in the Azabudai-Toranomon district, the property firm said. It will surpass the current tallest 300-meter Abeno Harukas in Osaka.

The project is one of the biggest undertakings by Mori Building, at a total expected cost of about 600 billion yen ($5.6 billion). But its dominance may be short-lived as rival Mitsubishi Estate Co. is planning to construct an approximately 390-meter building near JR Tokyo Station in fiscal 2027.

Mori Building will construct several buildings under the new project, which will cover a total area of about 8.1 hectares where it will also locate a hotel and an international school.

"While there is competition among cities, we need to offer more international-standard offices and housing in Tokyo," Mori Building President Shingo Tsuji said at a press conference.