Songdo International Business District


Songdo International Business District
Songdo IBD
—  송도국제업무단지  —
Masterplan of Songdo IBD
Country South Korea South Korea
Time zone South Korea Time (UTC+9)
Website Songdo IBD

Songdo International Business District (IBD) is a planned international CBD currently under construction on 1,500 acres (6 km²) of reclaimed land along Incheon's waterfront, 40 miles (65 km) west of Seoul, South Korea and connected to Incheon International Airport by a 7.4 mile (12.3 km) highway bridge, called Incheon Bridge. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone.

The Songdo International Business District will feature the Northeast Asia Trade Tower and the Incheon Tower. Schools, hospitals, apartments, office buildings and cultural amenities are to be built in the district. Replicas of architectural hallmarks, including Central Park and Venice's waterways, will also be incorporated. This 10-year development project is estimated to cost in excess of $40 billion, making it one of the most expensive development projects ever undertaken.

Gale International, in partnership with Morgan Stanley Real Estate, holds a 70% stake in the Songdo IBD venture, with Gale International taking a majority stake of 61%, and Morgan Stanley, which invested US$350 million in the project, holding 9%. The remaining 30% stake is held by Posco.[1] The masterplan was designed by the New York office of Kohn Pedersen Fox (KPF). Infrastructure development, labor, and funding are also being provided by the city of Incheon.

Contents

Development

Songdo IBD

Built on 1,500 acres (6.1 km2) of land reclaimed from the Yellow Sea off Incheon, about 35 miles (56 km) from the South's capital Seoul, Songdo International Business District is the largest private real estate development in history. By its completion date in 2015, the district is planned to contain 80,000 apartments, 50,000,000 square feet (4,600,000 m2) of office space and 10,000,000 square feet (930,000 m2) of retail space.[2] The 65-floor Northeast Asia Trade Tower will be Korea's second tallest building when complete after the Ryugyong Hotel in Pyongyang. Computers will be built into the houses, streets and offices as part of a wide area network.[3]

The Songdo IBD is part of President Lee Myung-bak's effort to promote green and low-carbon growth as an avenue for future development after 60 years of reliance on export-oriented manufacturing. The nation launched a $38 billion economic stimulus package in January 2009, with over 80% of the total earmarked for green investment. The Framework Act for Low Carbon Green Growth, passed by Korea's National Assembly in 2010, increased this to $83.6 billion spanning five years. Under this initiative, the Songdo IBD is being developed as a sustainable city with more than 40% of its area reserved for green space, including the park of 100 acres (0.40 km2), 16 miles (26 km) of bicycling lanes, numerous charging stations for electric vehicles and a waste collection system that eliminates the need for trash trucks.[4]

Projects

Reception

In 2003, Birds Korea called for a halt of the reclamation project due to concerns at the loss of important tidal flats. Prior to reclamation, the Song Do tidal flats had supported several threatened waterbird species, and provided a staging ground for migratory waders as they traveled between the Northern and Southern hemispheres. [5]

References

External links

Coordinates: 37°23′20″N 126°39′08″E / 37.38889°N 126.65222°E / 37.38889; 126.65222


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