NAGOYA – Toyota Motor Corp. has pulled out of a public project to redevelop a plant site here that was recently vacated by Sapporo Breweries Ltd., the government-run Urban Development Corp. said Friday.
With Toyota’s withdrawal, it is almost certain that the project will not be completed by the scheduled deadline of 2005.
The UDC, the project developer, said it will call for fresh bids this fall from private-sector contenders for different parts of the project.
The developer purchased the 8.4-hectare lot for 13 billion yen, including 10 billion yen in private-sector funds.
Toyota and real-estate developer Mori Building Co. jointly won a tender for the project, but Mori Building subsequently withdrew due to differences with the automaker.
Toyota has since worked with a U.S. developer to map out a new redevelopment plan, but this failed to meet conditions set by the UDC, causing Toyota to leave the project, sources familiar with the project said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.