| The Portman Consortium plans to develop
approximately 1,500-acres of land re-claimed from the Yellow Sea in Songdo,
a new community located approximately 30 km from Seoul. Songdo is
one of three Free Economic Zones created in Incheon for the purposes of
promoting a living and working environment suitable for companies doing
business in the global marketplace. To be completed in phases, preliminary
plans call for approximately 6.5 million square meters of developed space
with an estimated cost of more than $11 billion. International real
estate development firm Portman Holdings has been named lead developer
of the consortium, which includes a number of Korean companies, including
Hyundai Engineering & Construction and Samsung. John Portman
and Associates, the international architectural firm, will provide all
master planning, and will be the lead architect for the development.
�We are delighted to take the next step towards developing what will
become a true international community, including the tallest building in
Northeast Asia,� said Jack Portman, vice chairman of Portman Holdings.
�The mixed-use project, which will feature a planned, integrated community
with office, retail, commercial and residential structures, as well as
specialty developments like cultural facilities, restaurants and other
urban buildings, will help position Songdo/Incheon as the primary business
center of Northeast Asia.�
Located in District Six and Eight of Songdo, the project also will include
multiple hotels, ranging from resort-style to business and luxury properties.
With the adjacent International Business District, currently under development
by New Songdo City Development, LLC, the project is expected to become
the landmark of IFEZ, as well as a world-class hub city.
�We are poised to create a truly unique project that has the very real
potential to become the business, social and cultural gem in the Republic
of Korea,� said Mayor Ahn. �The Portman Consortium has provided a
stunning vision and we are delighted to see it come a step closer to fruition.�
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The preliminary vision for the project is a multi-use
development with the centerpiece being the
151-story Incheon Tower
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