In this paper we investigate the first stages of one of the largest regional regeneration projects in Australia. Although small by Asian standards, the Icon Project is an office and retail project, leased to the state government which is slated to catalyse revitalisation of Ipswich’s CBD. Ipswich Queensland is rapidly-growing city about 40 kilometres from Brisbane on the Bremer River. Once, due to its navigable access and surface coal, it was a candidate for Queensland’s state capital. But, as traditional industries folded in the 1970s, Ipswich declined economically and socially. The burning of Reids Department Store in 1985, the ill-considered Kern development, suburban retail leakage and a recession accelerated CBD decline. Recently, despite the GFC and floods, the rapid expansion of hydrocarbon prospecting in its western hinterland has lifted confidence in Ipswich’s future. Here, we sketch the backdrop to Ipswich’s growth and reflect on conflicts in planning between short-term economic goals and broader sustainable development