Kyoto's Shimogamo Shrine has said it will lease part of its premises to a company planning to construct condominiums so that the shrine, designated as a UNESCO World Heritage site, can finance the scheduled rebuilding of its main hall.

A 9,650-sq.-meter piece of land adjacent to the World Heritage area will be leased for ¥80 million annually for 50 years to cover the costs of the rebuilding of the shrine, which takes place every 21 years and is scheduled for this year.

Of the roughly ¥3 billion cost, ¥800 million is subsidized by the government. The shrine had planned to come up with its share through donations but has so far raised only ¥1 billion.

Eight three-story upscale condominiums totaling 107 housing units will be built starting in November, with work scheduled for completion in spring 2017.

The Kyoto Municipal Government said the building site in question is not within the heritage area but in a "buffer zone" where consideration must be given to maintaining the scenery and environment.

Shimogamo Shrine is included in the Historic Monuments of Ancient Kyoto.