'Gangbuk's COEX' Seoul Station North Area Development Kicks Off... Construction May Start as Early as Next Year

Up to 38-Story Convention to Be Built on Idle Railway Site... First in Gangbuk Area
Seoul City Announces Detailed Development Plan for 2 Weeks Public Review... Target Completion in 2026

Image related to the development of the northern station area of Seoul Station. (Provided by Seoul Metropolitan Government)

[Asia Economy Reporter Kim Hyemin] The development project for the northern area of Seoul Station, known as the "Gangbuk COEX," has finally gotten on track after more than 13 years of delays. On the 29,000,000㎡ of idle railway land, a convention (MICE) facility up to 38 stories high will be constructed. With a capacity to accommodate over 2,000 people, this will be the first international conference-level facility established in the Gangbuk area.

On the 27th, Seoul City announced that it has established a detailed development plan for the northern area of Seoul Station and will conduct a public inspection and announcement until the 9th of next month to gather residents' opinions. Since last April, after preliminary negotiations with the landowner, Korea Railroad Corporation (KORAIL), and the project operator, Hanwha Consortium, the broad development plan was finalized, and the urban management planning process for project promotion is now proceeding in earnest.

This project began discussions in 2008 but was delayed for over 10 years, leaving most of the railway land unused and abandoned for a long time. The above-ground railway tracks have also been criticized for dividing the Seoul Station area and causing disparities in regional development.

In 2018, the city prepared development directions and guidelines to resume the project and presented them to KORAIL. In April 2020, KORAIL and Hanwha Consortium submitted a preliminary negotiation proposal to Seoul City, restarting the negotiation discussions. After about 10 months of three-party preliminary negotiations, the development plan was finally confirmed in March last year.

According to the plan, on the railway land around 122 Bongnae-dong 2-ga, Jung-gu, a complex of five buildings ranging from six basement floors to 38 stories above ground will be constructed, including exhibition, hotel, retail, and office facilities. This is the first time that international conference-level facilities, as defined by the Act on the Promotion of the International Conference Industry, will be established in downtown Seoul and the Gangbuk area. Until now, such facilities have been concentrated mainly in the Gangnam area, such as COEX and SETEC.

The city plans to invest approximately 290 billion KRW in public contributions from the development project to expand infrastructure that enhances public benefits around Seoul Station and promotes balanced development throughout Seoul.

First, pedestrian pathways connecting the east and west areas of Seoul Station and surrounding public facilities will be created to improve regional disconnection. Investments will also be made to improve the Seoul Station environment. Additionally, compensation for long-unexecuted urban parks, such as Namtaeryeong Park in Dongjak-gu and Amsa History Park in Gangdong-gu, will be funded to accelerate the project.

The detailed development plan will be finalized after review by the city’s Urban Architecture Joint Committee. If related procedures such as building permits proceed smoothly, construction is expected to begin as early as next year and be completed by 2026.

Choi Jin-seok, Director of the Seoul City Urban Planning Bureau, said, "This project is the first step to reestablish the status of Seoul Station as a national central station and an international gateway in the Eurasian railway era," adding, "we will do our best to promote this high-density mixed-use development, including the first MICE facility in downtown and Gangbuk areas, to revitalize the stagnant downtown and contribute to regional economic activation."

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