In order to make the "Future vision for revitalization of the Japan Expo Commemoration Park" (November 2015)" a reality, the Osaka prefectural government recruited project proposals to promote "creation of a new sports and culture hub representing Osaka and Kansai, centered on a large-scale arena." It will work with private-sector business operators to revitalize the area around Japan Expo Commemoration Park.

In response, on October 30, 2020, Mitsubishi Corporation Urban Development, AEG, and Kanden put forth a proposal as a joint enterprise. On May 19, 2021, screening by the Osaka Prefectural committee behind the revitalization project selected the joint enterprise as the top proposal issuer and as a party to contract negotiations.

On July 26, 2023, the joint enterprise signed and concluded a basic agreement with Osaka Prefecture concerning the project.

The agreement aims to establish basic matters concerning the conclusion of sales and other contracts between Osaka Prefecture and the joint enterprise for the establishment of general fixed-term leasehold rights based on relevant ordinances, on the business operator recruitment requirements for the revitalization project in the Banpaku-kinen-koen Station-front district (October 8, 2019), and on the provisions of Article 22 of the Act on Land and Building Leases (Act No. 90 of 1991). The agreement further aims for the assured and smooth implementation of the project.