The development of Knowledge Capital started as part of the redevelopment project for "the last prime land in a city center," and attracted much public attention. In 2004, Osaka City created the Basic Plan for the Development of the Osaka Station North District, while leveraging the winning ideas of the International Concept Competition in 2002. One of the basic policies for the Plan was the development of Knowledge Capital, a hub for knowledge creation activities.
The Knowledge Capital Planning Committee (chaired by Hideo Miyahara, then the president of Osaka University) was established to discuss the role of Knowledge Capital. The Committee produced the Recommendations for the Knowledge Capital Initiative in March 2005. The Knowledge Capital Promotion Office was established to deepen the discussion toward the realization of Knowledge Capital. In September 2005, the Office submitted the Knowledge Capital Promotion Office Report: Toward the realization of Knowledge Capital.
Based on the report, the Urban Renaissance Agency and Osaka City held a developers competition in 2006, through which the current developer for the Initiative was selected. Subsequently, private enterprises fleshed out the concept of the Initiative and a planning and operation organization was established in 2009 ahead of the opening of Knowledge Capital. After repeated trials to verify its functionality and provide feedback to the plan, Knowledge Capital finally opened in April 2013.