kono tatemono ha mati no hokori desu.

A natural reading is:

Kono tatemono wa machi no hokori desu.

Word by word:

• この = kono
• 建物 = tatemono
• は = wa here, not ha
• 町 = machi
• の = no
• 誇り = hokori
• です = desu

So the full sentence is:

Kono tatemono wa machi no hokori desu.

This is one of the most common beginner questions.

The character は is normally read ha, but when it is used as the topic particle, it is pronounced wa.

So in this sentence:

• この建物は = As for this building...

Even though it is written は, you say wa.

This is just a standard rule of modern Japanese grammar, and you will see it often.

この and これ are related, but they are used differently.

• この must be followed by a noun
  
  • この建物 = this building
• これ stands by itself
  
  • これは = this is...

So you cannot say これ建物.

In this sentence, because 建物 directly follows, この is the correct choice:

• この建物 = this building

建物 is read tatemono and means building.

It is a general word for a building or structure. It does not specifically mean a house, store, office, or temple; it just refers broadly to a building.

So:

• この建物 = this building

は marks the topic of the sentence.

Here, the topic is:

• この建物は = as for this building

The rest of the sentence says something about that topic:

• 町の誇りです = it is the pride of the town

So the overall structure is:

• Topic: this building
• Comment about the topic: is the town's pride

This topic-comment structure is very common in Japanese.

In this sentence, の links two nouns:

• 町 = town
• 誇り = pride

So:

• 町の誇り = the town's pride / the pride of the town

A good beginner way to think of の is:

• possession: A's B
• relation: B of A

It does not only show ownership. It can show many kinds of relationships, but here the town's pride is a very natural translation.

誇り is read hokori and means pride.

In this sentence, it means something like:

• something the town is proud of
• a source of pride for the town

So 町の誇り does not mean that the town itself is feeling proud in a general emotional sense only. It means this building is an important, admirable thing for the town.

Japanese often puts the main statement at the end.

English:

• This building is the pride of the town.

Japanese:

• This building
  • town's pride
    • is
• この建物は　町の誇りです。

A rough word-by-word order is:

• この建物は = as for this building
• 町の誇り = the town's pride
• です = is

So Japanese does not follow English word order. That is normal.

です makes the sentence polite and complete.

Here it works like a polite is:

• 町の誇りです = is the town's pride

Without です, the sentence would sound less polite or unfinished in standard conversation.

For example:

• この建物は町の誇りです。 = polite
• この建物は町の誇りだ。 = plain / less polite

So です is a very common polite ending.

Sometimes learners wonder about this because both can mark something important in the sentence.

Here, は is the more natural choice if you are talking about this building as the topic:

• この建物は町の誇りです。
• As for this building, it is the pride of the town.

If you used が:

• この建物が町の誇りです。

it would sound more like:

• This building is the one that is the pride of the town
• or it may emphasize this building specifically

So both can be grammatical depending on context, but は is the standard neutral topic-marking choice here.

Japanese normally does not use spaces between words in regular writing.

The sentence would usually be written as:

この建物は町の誇りです。

Spaces are often added in beginner materials to make it easier to see the parts of the sentence:

• この
• 建物
• は
• 町
• の
• 誇り
• です

So the spaces are just a learning aid, not standard Japanese writing.

They are related, but not always identical.

• 町 often refers to a town or an administrative/local area
• 街 often refers more to a city area, downtown area, or streets/urban district

In this sentence, 町の誇り most naturally means the pride of the town/community, so 町 is a very natural choice.

Also, 町 here is read まち (machi).

Yes, depending on context, that is a very natural English interpretation.

Japanese often leaves out things that English may make explicit. 町の誇り literally means the town's pride, but in real use it can imply:

• the pride of this town
• our town's pride
• a source of pride for the town

So if the context is local people talking about their own town, our town's pride can be a very good translation.