'Gangbuk's COEX' Northern Seoul Station Area Development Plan Confirmed

After 13 Years of Drift, Project on Track
Up to 40 Floors... First MICE Facility in Gangbuk Area
Construction Starts in 2022, Completion Targeted for 2026

Bird's-eye view of the Seoul Station North Area Development Project (Provided by Seoul City)

[Asia Economy Reporter Kim Hyemin] The development project of the northern area around Seoul Station, known as the "Gangbuk COEX," has finally gotten on track after more than 13 years of delays.

On the 28th, the Seoul Metropolitan Government announced that it had finalized the development plan for the "Seoul Station Northern Area" after about 10 months of preliminary negotiations with the landowner, Korail, and the project operator, Hanwha Consortium. The city will now proceed with formal development procedures such as urban planning changes and building permits.

The development site is an idle railway land located between Seoul-ro 7017 and Yeomcheon Bridge Handmade Shoes Street, with a total floor area of approximately 350,000㎡, which had been left essentially as an empty lot.

According to the development plan, by 2026, the site will feature a complex of five buildings up to 40 stories high, including exhibition halls, hotels, retail, office, and residential spaces. Notably, a MICE (Meetings, Incentives, Conferences, and Exhibitions) facility equipped with international conference-level exhibition and meeting rooms will be established for the first time in the downtown and Gangbuk area. To this end, the land use will be changed to a general commercial area, and a floor area ratio of 793.7% will be applied.

The MICE facility will have a total floor area of 24,403㎡, including one large conference hall capable of accommodating over 2,000 people, 15 small to medium meeting rooms for 30 or more people, and an exhibition hall of 2,000㎡. In Seoul, facilities meeting the standards of the "International Conference Industry Promotion Act" have been concentrated mainly in the Gangnam area, such as COEX and SETEC.

Along with the MICE facility, hotels and retail and office facilities will occupy more than 50% of the total floor area. Additionally, officetels with about 700 units will be constructed within 30% of the total floor area.

The city plans to use approximately 220 billion KRW in public contributions generated from the development project to create new pedestrian pathways connecting Seoul-ro 7017 with the northern area around the station, and linking the northern area with Seoul Station Plaza. A 5,880㎡ Cheongpa Park will also be established within the urban regeneration area.

Panoramic view of the northern station area of Seoul Station

The Seoul Station Northern Area project has been discussed since 2008 but had been stalled for over a decade due to the initial private developer withdrawing for business feasibility reasons. In 2018, the city proposed development directions to Korail to break the deadlock, and negotiations resumed in December 2019 when Hanwha, selected as the developer, and Korail submitted a preliminary negotiation proposal to the city. After five rounds of discussions by the final decision-making body, the "Negotiation Coordination Council," the final development plan was prepared.

Following the confirmed development plan, the city will proceed with urban management plan changes and building permit procedures after review by the Urban Architecture Joint Committee. Construction is expected to begin as early as 2022 and be completed by 2026.

Jo Namjun, Director of Urban Planning at Seoul City, said, "The development of the northern area around Seoul Station will be the first step in transforming Seoul Station into a national central station and a future international gateway. We will strive to ensure that the northern area becomes a regional landmark and contributes to revitalizing the local economy."

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