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underground concourse of Ikebukuro Station and to facilitate access to the south block of the
West Gate area. The flooring of the new gate was the same as that of the pedestrian deck. This
made the connecting zone and the station totally consonant with one another.
The total cost for the construction of Metropolitan Plaza was Y57,500 million ($472
million). ITBC paid Y47,300 million ($394 million), the EJR paid Y9,300 million ($77.5
million) for common spaces such as passageways and parking garages, and Tobu and two
other landlords paid Y900 million ($7.5 million) for their share of floor space, as shown in
figure 3.11. Since the land for Metropolitan Plaza is still owned by four landlords, and the
building is managed by the ITBC, the ITBC has to pay an annual rent of Y3,300 million ($27.5
million) to the EJR and a much smaller rent to the other landlords. 13
ReTeat
Lease
Y47,300
(82%)
ITBCwf
Land Rent
Land LeaseV930Ei
Land LsMetropolitan
(16%)
Plaza
Development
(Y57,500)
Y900
(2%)
LEGEND
: Public Sector
: Private Sector
zf//
Figure 3.11 Financial Structure of the Development of Metropolitan Plaza
3.2.3 Results and impacts
13 Interview with Takao Matsudaira, East Japan Railway Company, March 7, 1997.
Capital Contribution
(Yens in millions)