On September 8, 2026, Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) officially certified the “(Tentative Name) Iyogin New Headquarters Building Main Building Reconstruction Project” in Matsuyama, Ehime Prefecture, as an approved private urban redevelopment project. This decision comes against a backdrop of updating aging headquarters facilities, consolidating corporate functions, bolstering local disaster resilience, and stimulating regional revitalization.

Key Details of Certification and Designation as an Approved Private Urban Redevelopment Project

On September 8, 2026, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) certified the “(Tentative Name) Iyogin New Headquarters Building Main Building Reconstruction Project” as an approved private urban redevelopment plan within the “Matsuyama Castle Area” Urban Renaissance Urgent Development Area, pursuant to the Act on Special Measures for Urban Renaissance. The project implementers are The Iyo Bank, Ltd. (headed by President Takashi Sagayama) and Matsuyama City, Ehime Prefecture. This certification enables the developers to access financial backing from the Organization for Urban Infrastructure Development, as well as tax incentives including deductions on real estate acquisition taxes and five-year reductions on fixed asset and city planning taxes. The Matsuyama Castle area—a historic castle town center facing Matsuyama Castle and Shiroyama Park—faces aging infrastructure, making urban renewal urgent in light of recent torrential rains and potential Nankai Trough earthquakes. The official approval reflects national recognition of the project’s role in accelerating urban function renewal, disaster resilience, and regional revitalization throughout Matsuyama.

Scale and Architectural Specifications of the New Headquarters

The certified project site spans Minamiboribata-cho 1, Samban-cho 5-chome 11-1, and 11-2 in Matsuyama City, Ehime Prefecture. The development features a site area of 3,782.64 m² and a total floor area of 28,486.40 m², utilizing steel frame, steel-reinforced concrete (SRC), and concrete-filled steel tube (CFT) construction. The building comprises 12 stories above ground, one basement floor, and a rooftop penthouse, reaching a height of approximately 55 meters. Design and supervision are handled by Takenaka Corporation Osaka First-Class Architect Office, with construction undertaken by a joint venture (JV) between Takenaka Corporation and local firm Kadoya-gumi. The new main building pairs with the New South Building (11 stories, 13,741 m² floor area), which was completed in March 2025. As shown in the architectural rendering below, the combined total floor area of the two structures reaches approximately 43,000 m², forming a modern urban landmark in central Matsuyama. Equipped with advanced seismic isolation systems, the main building will deliver a safe, state-of-the-art corporate office environment.

Background of the Redevelopment and Community Contribution Functions

Timeline for Aging Infrastructure Upgrades and Operational Consolidation

The Iyo Bank approved its basic redevelopment plan for the new headquarters in August 2022. The former main headquarters building, completed in October 1952, showed severe signs of aging after over 70 years of service. Moreover, expanding banking operations led to severe office space shortages, forcing corporate department functions and group subsidiaries to scatter across multiple locations in Matsuyama. To overcome this, the bank established a master timeline to redevelop and consolidate operations into an integrated complex, boosting group-wide efficiency and productivity. Under this timeline, a groundbreaking ceremony for the New South Building took place in September 2023, leading to its completion on March 31, 2025. Demolition of the former main building began in summer 2025, and construction officially commenced with a groundbreaking ceremony for the New Main Building on July 16, 2026. The official project implementation period runs from July 16, 2026, through June 30, 2029, with construction progressing toward a planned completion and opening in spring or summer 2029.

Community Value through Disaster Preparedness and Urban Revitalization

Beyond updating financial headquarters infrastructure, the new main building project is designed with a strong focus on community contribution. The entire structure integrates base-isolation technology to ensure business continuity planning (BCP) as a critical financial infrastructure during major disasters. Furthermore, the facility is designed to serve as a temporary shelter for stranded commuters in the event of an emergency. To foster community vitality, the development draws lush greenery from adjacent Matsuyama Castle and Shiroyama Park into the site, creating open green spaces that connect seamlessly with surrounding public sidewalks. The lower floors feature an open public space with an adjacent café and a large multi-purpose hall accessible to local residents. As illustrated in the functional floor plan below, the complex will serve as a hub for promoting regional heritage, showcasing Ehime’s traditional industries, and hosting financial education seminars in collaboration with local elementary schools.

Significance of Urban Renaissance Designation and Impact on the Regional Economy

Role of Tax Incentives and the Private Urban Redevelopment Framework

Within Japan’s urban revitalization policy framework, the certification system for private urban redevelopment projects serves as a vital instrument to enhance urban functionality by leveraging private-sector funds and expertise. Certified developers receive financial support alongside tax incentives, including real estate acquisition tax deductions and five-year reductions on fixed asset and city planning taxes. Amid recent challenges in the construction environment—such as soaring material costs and labor shortages that extend project schedules—public tax incentives provide essential momentum for private entities undertaking high-risk urban redevelopment, disaster mitigation, and public space creation. For regional cities in particular, public-private investment mobilization is crucial to strengthening downtown attractiveness. The Iyo Bank project represents a model case for regional urban renaissance, effectively utilizing tax incentives to build a multi-functional hub that balances public utility with robust disaster readiness.

Project Timeline and Economic Ripple Effects Across Matsuyama

The project now turns to maintaining smooth construction through the June 2029 execution period and realizing post-completion economic benefits for the regional economy. Upon completion of the new main building, The Iyo Bank will centralize its dispersed corporate headquarters functions, accelerating decision-making and driving synergies across group companies. As regional bank realignments and business integrations accelerate across Japan, strengthening the bank’s core regional financial hub will directly support local business growth and fortify the regional economic ecosystem. Furthermore, streetscape enhancements and new green spaces along the Minamiboribata and Samban-cho corridors will significantly improve pedestrian connectivity around Matsuyama Castle. As construction moves toward the targeted spring 2029 opening, key attention is focused on safe project execution and the project’s long-term potential to elevate Matsuyama’s city brand and revitalize the local economy as a new civic landmark.

References

• [Ministry of Land, Infrastructure, Transport and Tourism Press Release (Developing a New Landmark Leading Urban Renaissance in Matsuyama City)] https://www.mlit.go.jp/report/press/toshi05_hh_000530.html
• [The Iyo Bank Press Release (On the Start of Construction of the “(Tentative Name) Iyogin New Headquarters Building New South Building”)] https://www.iyobank.co.jp/press-release/2022/__icsFiles/afieldfile/2022/08/10/22-435.pdf

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