Seoul to turn abandoned lot into futuristic 'vertical' business district

Social Affairs

Published: 05 Feb. 2024, 17:28 Updated: 05 Feb. 2024, 17:30

Seoul to turn abandoned lot into futuristic 'vertical' business district

Abandoned land in Yongsan District, downtown Seoul, is set to transform into a green and futuristic multi-complex area featuring a 100-story high-rise building.

The Seoul Metropolitan Government on Monday unveiled its blueprint for developing the former train maintenance depot site into a "vertical" international business district.

The 495,000 square meters (122 acres) area in the heart of Seoul will transform into a "compact city" where Seoulites can work, play and live within walking distance.

The unused train maintenance depot, approximately 2.5 times the size of COEX in southern Seoul, has been called the last remaining section of undeveloped land in the capital. The site is owned by the state-run train operator Korail and the government.

Dubbed the Yongsan International Business District, the development project was initially announced by the city government in 2010 but was scrapped three years later due to financial reasons as private investors entirely funded it.

The green square at the center of the international business zone in Yongsan International Business District in a rendered image provided by the Seoul Metropolitan Government on Monday. [SEOUL METROPOLITAN GOVERNMENT]

This time, the project will be led by Korail and Seoul Housing and Communities Corporation (SH) to reduce risk, with the land being supplied to private companies after the two public entities settle the plan.

Construction is scheduled to begin in the second half of next year, with businesses and residents anticipated to move in or visit the district as early as 2030.

The district will be divided into three zones: international business, multi-business and business support.

The multi-business zone will be the largest, covering 104,905 square meters, followed by the business support zone with an area of 95,239 square meters and the international business zone with 88,557 square meters.

The landmark building in the international business zone will feature an observatory deck and gardens on the top floors. The lower floors will house concert halls, art museums and libraries. The maximum floor-area ratio of the building will be raised to as high as 1,700 percent.

Approximately 80,000 square meters of land at the center of the international business area, called the Green Square, will connect Hangang Park and Yongsan Station. The land is about the size of 11 football pitches. The area is also expected to be used for outdoor performances.

A green area will surround the square in a long curve called the Green Curve.

The multi-business zone will host centers supporting businesses focused on AI and big data in connection with the neighboring Yongsan Electronics Market and Hyundai's R&D Center, which is set to be built near the area.

Another distinctive feature in the future district is the 1.1-kilometer-long (0.6-mile-long) "sky trail," a footbridge connecting buildings on the 45th floor.

Residences and facilities for education and culture will be located in the business support zone.

A rendered image provided by the Seoul city government on Monday features the green corridor, or the green area, extending from the international business zone to the neighboring area below the footbridge that connects the 45th floors of buildings called the sky trail. [SEOUL METROPOLITAN GOVERNMENT]

The district also aims to become a zero-emission area by expanding infrastructure for EVs, such as charging stations, and green transportation services, such as self-driving buses and urban air mobility (UAM).

For the first time, the Seoul version of the LEED grading system will be used, adhering to the green evaluation system.

LEED stands for Leadership in Energy and Environmental Design, a rating system used by the U.S. Green Building Council to certify green buildings.

The capital expects the development project to result in the hiring of 146,000 people and induce production worth 32.6 trillion won ($24.4 billion). A total of 51 trillion won will be invested in the project, with nearly 37 trillion won expected from private investors.

"The city government will exert every administrative capability and resource to make Yongsan International Business District a hub for international business and the future model of a sustainable city," said Seoul Mayor Oh Se-hoon.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]