Nintendo has purchased a 10,000-meter square plot of land next to its Kyoto, Japan headquarters with plans to construct a new development-focused building.

The building, which sports the straightforward name "Corporate Headquarters Development Center Building No 2," will reportedly focus on research and development (H/T GamesIndustry.biz). Estimates indicate its 12 stories will be complete by 2027.

"In addition to the conventional R&D investment and capital investment, we have positioned the site to be acquired and utilized this time as having an important role in strengthening R&D," Nintendo wrote in an official statement.

The land in question was previously the site of the Foundation Support Factor and Material and Disaster Prevention Center, owned by the city of Kyoto. Nintendo paid the city ¥5,000,000,000 (roughly $39.9 million) to purchase the plot.

Kyoto's Corporate Location Promotion System will grant Nintendo up to ¥100 million ($1.4 million) each year for the next three to help cover its operational costs.