While New York is working hard in developing Hudson Yard, Seoul unveils its vision on its counterpart, Yongsan Yard. These two underused-rail yard renewal schemes show some of typical features of the current large-scale development worldwide: boldness in vision, massiveness in scale, iconic obsessions in form, high-risk/high-return formular in investment, complex public and private participation, etc. Some media coverages are posted for just initial scrap purposes.
Some findings on YS development:
o Project site: 566,800 square meter(170,000 pyong)- Yongsan railroad maintenance center + some portion of nearby Seobu Icheon-dong
o Project cost: 28-trillion-won($31 billion) including 8-trillion-won land price
o Project period: 2010-2016
o Project brand: Dream Hub where IT, finance and tourism will converge
o Project Highlight: 620-meter, 152-story tower and canal
o Land use: offices, apartments, hotels and shopping malls totalling 3-million square meter floor space(900,000 pyong)
o Land owner: Korail, a government-controlled firm(for railroad maintenance center)
o Lead developer selection: Korail, the land owner, selected the Samsung-National Pension Fund Service consortium to be a lead developer(thru 20-member selection committee)
o Special Purpose Company(SPC): The Samsung consortium and Korail will establish a special purpose company by the end of this month to embark the project by 2010
o Consortium: 26 companies will participate. Kookmin Bank, Woori Bank and others as financial partners. 17 construction firms. Foreing investers include Dubai-based real estate developer, Nakheel, and Taubman Centers, a US shopping mall developer.
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