Planning is underway to build a massive theme park in Yokohama, near Tokyo, according to Japanese media reports. If completed the park will be similar in size to Tokyo Disneyland.

According to Yokohama city hall sources, cited by Asahi Shimbun, the operator of the park will be an unnamed Hollywood studio.

The park will be sited within a 242-hectare plot that was previously used as a U.S. military communications facility but was returned to Japanese control in 2014. The land has a mixture of public and private ownership. Much of it is used for agriculture.

Sotetsu Holdings, a transportation and real estate group, is currently engaged in talks with private landowners. The city of Yokohama is “not directly involved” in the theme park plan, but is supporting it indirectly, through land rezoning and other means. Also, much of the estimated $1.2 billion investment required for the park is expected to come from government sources.

A section of the former U.S. military site totaling 125 hectares is being eyed for the park.  A landowners’ association and the city of Yokohama have agreed to make this section a ‘tourism and activity’ zone. Meanwhile, Sotetsu reportedly presented a theme park plan to the association in April, projecting annual attendance of 6.5 million to 13 million.

No announcement has yet been made regarding the start of construction or the estimated completion date. Japan currently has two theme parks built around Hollywood IP: Tokyo Disney Resort in Chiba Prefecture, which includes Tokyo Disneyland and Tokyo DisneySea; and Universal Studios Japan in Osaka.