Portman and City of Incheon, Korea Sign Project Development Agreement
Will Develop 1,500 Acre Project, 151-Story Multi-Use Tower and Multiple Hotels in the Plans
ATLANTA, GA / INCHEON, Korea, July 11, 2006. Incheon Metropolitan City Mayor Ahn, Sang-Soo and officials of the Portman Consortium today announced that the parties have entered the next phase of their relationship with the signing of a Project Development Agreement (PDA) today during a formal ceremony at the Lotte Hotel in downtown Seoul. Honored guests at the event included U.S. Ambassador to Korea Alexander Vershbow and representatives from companies participating in the Portman consortium.
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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