Large-Scale Development Planned For Minato Mirai Area
Yokohama City has been hearing proposals from developers looking to redevelop the Minato Mirai area, specifically blocks MM 21 and MM 62. The area slated for development measures 22,000 square meters, and is expected to become home to a commercial facility or hotel. The location is considered prime real estate, as it is adjacent to the park and the sea. Yokohama City conducted a public offering for bids in 2018, but all proposals were rejected due to too many unclear points from the developers.
The city plans to accept proposals until January of next year and award the contract to a developer between April-May 2020. The main purpose of the facility will be to promote culture, commerce, and business. The city has placed conditions on the developers, such as that 25% or more of the development will be used for facilities such as exhibitions, observation points and hotels with large guest rooms. The amount of land to be sold in the bid is estimated at USD 114 million.
Source: Nikkei
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