Olympic Front-Runner Tokyo Plans Biggest Project in 42 Years
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Tokyo, the front-runner city to host the 2020 Olympics, is planning its biggest housing complex in 42 years to lodge athletes, a move that could benefit developers such as Shimizu Corp. and Mitsubishi Estate Co.
The 95.4 billion yen ($958 million) Olympic Village complex would occupy a 44-hectare (109-acre) parcel of land next to Tokyo Bay and would be financed by developers, Kenichi Kimura, who is in charge of the finances for the city’s bid at the Tokyo Metropolitan Government, said in an interview. The government separately plans to spend 153.8 billion yen for new construction and renovations at 11 sites, he said.