Portman Consortium and City of Incheon Develop One of the Largest Multi-Use Projects in Northeast Asia including three hotels, ranging from resort-style to business and luxury properties
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Portman Consortium and City of Incheon Develop One of the Largest Multi-Use Projects in Northeast Asia including three hotels, ranging from resort-style to business and luxury properties
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Category: Asia Pacific -
This is a press release selected by our editorial committee and published online for free on 2006-02-07
Incheon Metropolitan City Mayor Ahn, Sang-Soo and officials of the Portman Consortium today announced that they have signed a memorandum of understanding to develop approximately 1,500-acres of re-claimed land from the Yellow Sea in Songdo, the Incheon Free Economic Zone (IFEZ), a new suburb on the eastern side of Incheon, which is located 30 km from Seoul. When completed, preliminary plans indicate that more than 2.9 million square meters of multi-use space will be developed at an estimated cost of more than $11 billion, on a phased basis. Portman Holdings, an international real estate development firm, will be the Lead Developer of the consortium which will include a number of Korean companies. Discussions already are underway for the Portman Consortium to include Hyundai Engineering & Construction and other major construction companies to build the project.
The preliminary vision for the project, located in District Six and Eight of Songdo, is a multi-use development, one of the three areas in IFEZ inside the Incheon Metropolitan City limit. Centerpiece of the concept plan is the 151-story Incheon Tower, which will include offices, hotel, retail, and housing. When completed, the planned structure will be the tallest building in Northeast Asia.
According to Mayor Ahn, the vision for Songdo District Six and Eight is to become the business center of Northeast Asia. The development will be a planned, integrated community, featuring upscale office, commercial and residential structures, as well as many specialty developments, including cultural facilities, a marina and other urban buildings. The project also will include three hotels, ranging from resort-style to business and luxury properties. With the adjacent International Business District, which is under development by New Songdo City Development, LLC, the development is expected to become the landmark of IFEZ, as well as a world-class hub city.
"The Incheon Tower will be an important symbol of future growth and opportunity," Mayor Ahn said. "Incheon, Seoul and Korea enthusiastically support the Portman vision."
Terms of the agreement call for presenting a comprehensive plan to the Incheon government within six months. Estimated completion is slated for 2010. The building will be more than twice the height of the Tower Palace (262 meters) in Seoul, currently the nation's tallest building.
Jack Portman, vice chairman of Portman Holdings, said, "The Songdo project fits well with our development and architectural strengths in defining the skylines of major cities across the globe. Mayor Ahn has ambitious plans and we intend to provide the expertise to help him and the city achieve its vision."
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