Images: Itochu Corporation
Itochu Corporation has announced it is part of a consortium that has signed an agreement with Kyoto Prefecture to develop a new arena in the city of Mukō.
Agreed on a Design, Build, Finance, Operate (DBFO) basis as part of a public private partnership, the new arena will be located on a site that also houses the Mukomachi Keirin Velodrome. It is proposed to seat 8,925 fans for sporting events, rising to 9,328 for concerts.
With an expected price tag of ¥34.8bn (£181.2m/€215m/$234.6m) for development, maintenance, and management, Itochu, which is Tokyo-headquartered and mainly engaged in the trading business, is joined in the consortium by: Obayashi Corporation, Harima B.Stem Corporation, Itochu Urban Community, NTT TC Leasing, Azusa Sekkei, Dentsu, Kyoei Build Kanri Corporation, Shinko Sports and Kyogin Lease.
Currently named Kyoto Arena, the new facility is designed to address the Prefecture’s shortage of indoor facilities that can host both national and international events. Itochu said the DBFO method will allow for development with an eye to future operation, maintenance, and management, levelling the burden placed on Kyoto Prefecture.
The arena is intended to be the future home of B.League basketball team Kyoto Hannaryz, while collaboration is envisioned with Mukomachi Keirin Velodrome, which is due for renovation. It will also provide disaster readiness functionality, as an evacuation centre.
Kyoto Arena is set to be Itochu’s third PPP project in recent years, following the Shibata Town Public Gymnasium in Miyagi Prefecture and Kuwana City Sports Park Pool in Mie Prefecture.
Itochu said in a statement: “Itochu seeks to strengthen its value chain in the construction and realty sector, and considers public facility development projects as part of these efforts.
“Going forward, Itochu will continue to engage in public facility development projects from a market-oriented perspective, with the aims of regional revitalisation, local development, and improving disaster readiness.”
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