Developers have unveiled their plans for the site where Tokyo's iconic Tsukiji fish market once stood. The blueprint includes a multipurpose stadium.

The market opened in 1935 and was known as "Japan's kitchen." It was shifted to the nearby Toyosu waterfront area six years ago due to aging infrastructure.

On Wednesday, the consortium in charge of the megaproject held a news conference to outline their vision for the 19-hectare plot.

At the heart of the renovation is a versatile arena with a capacity of 50,000 that can be adapted to host concerts and baseball and other sports.

The complex will have an international conference hall. In collaboration with Tsukiji Outer Market -- a district of stores and restaurants next to the site -- the developers also plan to launch a food research hub.

Ueda Takashi, president and CEO of Mitsui Fudosan said, "Based on the history of Tsukiji, we would like to create an attractive city that enhances Tokyo's international competitiveness and is loved by residents and praised by people from all over the world."

Local residents shared their thoughts on the redevelopment.

A woman said, "I hope local people will be able to enjoy the benefits because this is a commercial district."

A man said, "I want the plan to respect history as well as adopt modern things."
Construction is slated to begin next fiscal year, with completion of most facilities expected in fiscal 2032.