Project Overview
Verified information from primary sources: opening date, operator, contract period, target area, site area
Target Area
approx. 54,122㎡
North + TV Tower Area
Business Period
20 years
2018-2038
Opening
Sept 2020
RAYARD Hisaya-odori Park
Hisaya-odori Park is located at Marunouchi 3-chome and Nishiki 3-chome in Naka Ward, Nagoya, at the city's urban core. On September 18, 2020, it reopened as "Hisaya-odori Park" following large-scale redevelopment, covering the North Area and Television Tower Area totaling approximately 54,122 m². The scheme adopts Park-PFI (Public Offering Management System), established by the June 2017 revision of the Urban Park Act. Mitsui Fudosan Co., Ltd. serves as the representative constituent organization of the certified plan submitter group, together with Taisei Corporation, Nikken Sekkei, and Iwama Zouen as constituent members. As of 2020, this was one of Japan's largest-class Park-PFI cases.
The business period runs approximately 20 years, from the conclusion of the basic agreement in March 2018 to the end of February 2038, with both construction and operating costs borne by the private operator under an independent-accounting scheme. Since opening, the commercial complex "RAYARD Hisaya-odori Park" has operated with approximately 35 stores in 24 buildings.
Structure of the Independent-Accounting Scheme
The mechanism by which the private operator bore all construction and operating costs, with zero public expenditure by Nagoya City for designated park facilities
Park-PFI business schemes fall into three broad patterns. First, an independent-accounting scheme in which the private operator bears all construction and operating costs, recovered through commercial revenue, as in Nagoya. Second, a service-fee scheme in which the municipality bears construction costs while the private operator bears only operating costs. Third, a hybrid scheme with cost-sharing between both parties.
Hisaya-odori Park is designed as a thorough independent-accounting scheme. Nagoya City's public expenditure is zero for both construction and operation, and even the designated park facilities (public infrastructure such as lawn plazas and water features for general users) are financed by commercial revenue. This structure means that 20 years of commercial revenue projections form the lifeline of the business plan, and it can only succeed in high-attractiveness urban core locations.
Integrated Development of Designated and Revenue Facilities
Design integrating public facilities (lawn plaza, water feature, new trees) with 35 commercial stores
Park-PFI institutionally requires bundled development of revenue facilities (commercial facilities generating income) with designated park facilities (freely usable public infrastructure). The facilities developed at Hisaya-odori Park are as follows.
| Category | Content | Cost Bearer |
|---|---|---|
| Designated park facilities (public) | Multi-purpose lawn plaza / 80m water feature / newly planted trees | Operator (recovered via commercial revenue) |
| Revenue facilities | Approx. 35 commercial stores in 24 buildings | Operator |
| Nagoya City public expenditure | None (independent-accounting) | ― |
The lawn plaza functions for casual picnic use in normal times and as a venue for large events. Commercial facilities and designated park facilities are integrated in traffic-flow design, so park visitors use stores and store patrons circulate through the park, creating a bidirectional flow.
Selection Process
3-year cycle from 2017 public offering to 2018 February Mitsui Fudosan Group selection to 2020 September opening
The public offering began in 2017. Two groups submitted proposals, and Mitsui Fudosan Group was selected in February 2018. From selection to opening took approximately 2 years and 7 months; the total cycle from public offering to opening was 3.5 years. This period included parallel construction, tenant recruitment, and opening preparation.
We have found no national document setting out a standard period from the start of solicitation to opening. Hisaya-odori Park took 3.5 years. Whether that is long or short is best judged against cases of a similar size.
Implications for Other Municipalities
Preconditions for independent-accounting Park-PFI and constraints for regional cities attempting replication
Three points must be understood by municipalities attempting to replicate Hisaya-odori Park.
First, population size alone does not establish the viability of a self-financing project. Compare visitor numbers, customers, location, expected commercial income and operating costs to assess how much private revenue can cover. Where necessary, consider designated management alongside Park-PFI and public cost sharing.
Second, the 20-year contract (maximum under Park-PFI at 2020) has rigidity that makes it difficult to reflect the municipality's policy changes or fiscal fluctuations mid-contract.
Third, the design philosophy of designated park facilities determines park quality over 20 years. At Hisaya-odori Park, general-purpose facilities (lawn plaza and water feature) were selected. To prevent obsolescence of designated park facilities, general-purpose and event-adaptability characteristics should be explicitly required in the public offering guidelines.
Park-PFI Complete Guide
Comprehensive explanation of the system, procedures, and cases
Park-PFI vs Designated Manager System
Differences, use cases, and combination patterns of the two systems
MLIT Park-PFI Utilization Guidelines (May 2025 Revision)
Primary source archive for institutional utilization
What to do next
When using a case to inform a project, check how its conditions differ from the target park.
| # | What to check or consider | Responsible team or contact |
|---|---|---|
| 1 | Compare the case with the target park's area, location and users. Do not assess viability from population size alone | Published records and target park surveys |
| 2 | Obtain the case municipality's solicitation guidelines and selection results. Ask the responsible team for records not published online | Parks team in the case municipality |
| 3 | Compare the minimum fee in the guidelines with the fee in the selected proposal | Solicitation guidelines and selection results |
| 4 | Check existing building footprints and building coverage limits in the target park's local ordinance | Parks team |
| 5 | Present the target park's conditions and the case evidence, and ask operators about their interest and requirements | Market sounding |
To apply a case to the target park, examine the solicitation terms and selected proposal. Identify which conditions are relevant, accounting for differences in area, location and users.
This coverage-ratio uplift is not 10 percentage points for rest facilities and another 10 for solicited park facilities: the two share a single 10%. In a park that has already reached 12% with rest or sports facilities, no new amenity facility can be added as a solicited park facility. Both that 10% and the ordinary 2% are figures the law asks local governments to take into account, and the ratio that applies is the one each local government sets in its own ordinance.
References
Park-PFI Implementation Status (as of 31 March 2026) — MLIT City Bureau (2026)
Park-PFI Case Collection — MLIT City Bureau (2026)
Guidelines on Using Park-PFI to Improve Urban Park Quality (May 2025 revision) — MLIT City Bureau (2025)
