Incheon Inner Port 1·8 Wharf Redevelopment Kicks Off... Incheon Port Authority Submits Project Proposal

Location map of Incheon Inner Port 1st and 8th Piers
Photo by Yonhap News

[Asia Economy Reporter Park Hyesook] Incheon Port Authority announced on the 5th that it submitted a project proposal to the Ministry of Oceans and Fisheries at the end of last month to actively promote the redevelopment of Incheon Inner Port Piers 1 and 8.

The authority has been conducting the "Supplementary Service for the Commercialization Plan of Incheon Inner Port Piers 1 and 8 Port Redevelopment" since April to establish the project plan, and prepared this proposal based on the Incheon Inner Port Redevelopment Master Plan announced by the Ministry of Oceans and Fisheries and Incheon City in January last year.

The project proposal includes ▲ securing a public facility ratio of over 50% to strengthen public interest ▲ promoting the underground construction of Injung-ro to prevent traffic congestion around the project site ▲ installing two viewing decks to expand waterfront facilities ▲ introducing park-type pedestrian overpasses for three-dimensional connection with the old downtown ▲ expanding park and green space areas for citizens.

The authority aims to be officially designated as the project implementer in the second half of next year through procedures in accordance with related laws such as the "Port Redevelopment and Surrounding Area Development Act."

The redevelopment of 453,000㎡ of Incheon Inner Port Piers 1 and 8 has been promoted by Incheon Port Authority, which owns the site, in cooperation with Incheon City and Korea Land and Housing Corporation (LH) through a basic public development business agreement.

However, LH decided not to participate in the project last September, judging that the public facility ratio was too high and the project lacked feasibility, and Incheon Port Authority decided to take the lead directly to revive the stalled project.

The Ministry of Oceans and Fisheries and Incheon City plan to redevelop Pier 1 and 8 of 0.42㎢ from 2020 to 2024, Pier 2 and 6 of 0.73㎢ from 2025 to 2030, and the remaining Piers 3, 4, 5, and 7 of 1.85㎢ after 2030 depending on changes in cargo volume.

Hong Kyung-sun, Vice President of the Management Division at Incheon Port Authority, said, "By promoting the port redevelopment project in Incheon Inner Port, which has driven national economic development since its opening, we will strive to create new value," adding, "We will catch both rabbits of coexistence with the old downtown and revitalization of the local economy so that the Inner Port can continuously contribute to the Incheon economy."

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This content was produced with the assistance of AI translation services.