Tokyo Shibuya Kitaya Park (2)🌟

Discovering the Innovative Process Behind the Park 🌟 🍃🌸 After doing some research, I found out that the operation and construction of this park follow an innovative process. In 2017, Japan's revised "Urban Parks Act" introduced a new system: Park-PFI (Private Finance Initiative), where the government openly recruits private companies to build and operate urban parks. The progress of Park-PFI lies in the fact that not only profit-making facilities, but also public spaces in the park such as squares and roads, can be funded by private capital. 🍃🌸 The revenue generated is then reinvested in the park's infrastructure, using private funds to enhance the park's vitality and reduce the government's financial burden. To make good use of this valuable open space, the Shibuya government employed the Park-PFI system to openly solicit private companies for the renewal and operation of Kitayama Park. The consortium led by Tokyu Corporation was ultimately chosen. 🍃🌸The Shibuya District provided a small amount of funding, while Tokyu covered all the remaining costs. The other three companies in the consortium are Nikken Sekkei, an advertising company, and the coffee brand Blue Bottle Coffee. The renovated park reopened in April 2021. #Tokyo 🌇🌿