Tsurumai Park Park-PFI — Nagoya's First Park in 100+ Years of History with Yahagi Jisho 20-Year Contract
Tsurumai Park, opened in 1909 (Meiji 42) as Nagoya City's first designated park, received Park-PFI implementation in April 2022. A 5-company consortium led by Yahagi Jisho serves as the certified plan submitter, with the commercial facility TSURUMA GARDEN opening on May 27, 2023 under a 20-year contract (until March 2042) driving park redevelopment.
TL;DR
- Tsurumai Park is Nagoya's first designated park, opened in 1909 (Meiji 42), with over 100 years of history as an urban park
- Park-PFI was implemented from April 1, 2022 under a 20-year contract, extending until March 31, 2042
- The certified plan submitter is a 5-company consortium led by Yahagi Jisho (with Dentsu Meitetsu Communications, Yahagi Ryokka, Hibiya Kadan, and Homex), with the commercial facility TSURUMA GARDEN opening on May 27, 2023
Project Overview
Opening date, operator, contract period, and historical positioning as Nagoya's first designated park
Opening
1909
Nagoya's first designated park
Business Period
20 years
April 2022 - March 2042
TSURUMA GARDEN Opens
May 27, 2023
Yahagi Jisho Group
Tsurumai Park is located in Showa Ward, Nagoya. It is Nagoya City's first designated park, opened in 1909 (Meiji 42), giving it over 100 years of history as an urban park. The park features historical structures including a rose garden, fountain tower, and the Sougakudou (music hall), long cherished by Nagoya citizens as a place of relaxation.
Park-PFI (Public Offering Management System) was implemented at this park starting April 1, 2022. The certified plan submitter is the Tsurumai Park Development and Operation Business Consortium, with Yahagi Jisho Co., Ltd. as the lead company. Member companies include Dentsu Meitetsu Communications, Yahagi Ryokka, Hibiya Kadan, and Homex (Nagoya Branch)—forming a 5-company consortium together with the lead, with a 20-year business period extending until March 31, 2042. On May 27, 2023, the Park-PFI commercial facility "TSURUMA GARDEN" opened.
Park-PFI Implementation for Historical Parks
Design balancing preservation and utilization when introducing private utilization to 100+ year parks
Tsurumai Park's distinctive feature is the introduction of Park-PFI to a historical park with over 100 years of history. The business scheme presumes preservation of historical structures (Sougakudou, fountain tower, rose garden) while adding revenue facilities in the surrounding areas to secure income. Preservation costs for historical structures are partially covered by commercial revenue from revenue facilities, and renewal of designated park facilities (public infrastructure) is also funded by revenue.
Preservation requirements are explicitly defined in Nagoya City's upper-level plan. Park-PFI operators bear the constraint of adhering to spatial design principles in advance, ensuring that the location, design, and operation of revenue facilities do not impair the historical landscape.
5-Company Consortium Led by Yahagi Jisho
Multi-industry consortium in real estate, advertising, greenery, floral, and facility operation
Notably in the Tsurumai Park business scheme, the lead company is a leading local real estate company (Yahagi Jisho). While major real estate developers (Mitsui, Mitsubishi, Tokyu, etc.) commonly serve as leads in nationwide Park-PFI cases, at Tsurumai Park, a local company takes the lead.
The background lies in Nagoya City's decision to promote local company participation through public offering conditions. Local company participation enhances regional economic circulation and returns park development benefits locally. The 5-company role division is clearly segmented as follows.
| Member Company | Role |
|---|---|
| Yahagi Jisho (lead) | Real estate development + business management |
| Dentsu Meitetsu Communications | Advertising / promotion |
| Yahagi Ryokka | Greenery / planting |
| Hibiya Kadan | Floral arrangement |
| Homex (Nagoya Branch) | Facility operation |
Combining each company's specialization addresses the complex needs of a historical park.
Positioning as Nagoya's Second Case
Nagoya's Park-PFI expansion strategy following Hisaya-odori Park
Tsurumai Park is Nagoya's second Park-PFI case (the first being Hisaya-odori Park, which opened in 2020). While the first Hisaya-odori Park was urban core + independent-accounting + Mitsui Fudosan-led, the second Tsurumai Park represents a different business model: suburban + historical park + local company-led.
This contrast suggests Nagoya's strategy of deploying Park-PFI in both urban core and suburbs.
Implications for Other Municipalities
Preconditions for considering Park-PFI implementation in historical parks
Three points must be considered by municipalities referencing Tsurumai Park.
First, Park-PFI implementation in historical parks presupposes explicit definition of preservation requirements. Upper-level plans should predefine preservation scope (historical structures, trees, landscape), and public offering guidelines should explicitly state location and design constraints for revenue facilities. Without this pre-preparation, post-selection conflicts arise between operators and preservationist residents.
Second, business schemes with local companies as lead effectively enhance regional economic circulation but bear the risk of capital constraints pressuring business viability. Adding major companies as member companies in a multi-industry consortium serves as complementary design.
Third, Nagoya's model of deploying Park-PFI in both urban core and suburbs has generality that mid-size cities can reference.
Park-PFI Complete Guide
Comprehensive explanation of the system, procedures, and cases
Hisaya-odori Park Independent-Accounting Park-PFI
Nagoya's first case and Japan's largest-class Park-PFI scheme
Park-PFI Case Collection
Nationwide Park-PFI cases organized by type