The Tokyo Metropolitan Government has formally announced its selection of a consortium of 11 companies, including real estate developer Mitsui Fudosan Co.. and The Yomiuri Shimbun Holdings, as a business operator to redevelop an approximately 47 acre lot at the former site of the Tsukiji Market in Chuo Ward.

The consortium will build a 50,000 capacity stadium to host a range of events, including sports games, concerts and trade fairs, as part of a 900-billion-yen project to redevelop the site. Most facilities to be built on the new site will be completed in the 2032 fiscal year.

The redevelopment area will also include a port facility, a takeoff and landing base for flying cars, a new subway station, a drug development center and a facility for Japanese food and culture.

The facility is expected to become a new gateway to Tokyo, with many tourists visiting from home and abroad.

The Tokyo Metropolitan Government decided to relocate the Tsukiji Market in November 1999, but relocation did not actually take effect until October of 2018 after repeated extensions of the plan.

Tokyo will create a basic agreement with the 11 company consortium and establish a fixed term leasehold for 70 years, which commences after the construction is fully completed.