Bando Construction Targets US Real Estate... Cooperation with Glendale City on Urban Development Projects

Park Hyun-il, President of Bando Construction (left), and Ardashes Kassakhian, Mayor of Glendale, are taking a commemorative photo after signing an MOI for cooperation on Glendale city development projects.

Bando Construction is set to actively target the U.S. real estate market by establishing mutual cooperation with the City of Glendale, California, for local development projects.

On the 22nd, Bando Construction announced that on the 20th, at its headquarters in Gangnam, Seoul, President Park Hyun-il and Ardashes Kassakhian, Mayor of Glendale, signed a Memorandum of Intent (MOI) to explore mutual cooperation plans for development projects in Glendale.

Glendale is the third-largest city among the 88 cities in the Greater Los Angeles (LA) area. Recently, due to a housing shortage caused by population growth, the city has been providing various incentives such as easing height restrictions and increasing floor area ratios to ensure stable housing supply.

To overcome the high entry barriers posed by complex permits and administrative procedures in the U.S. housing market, Bando Construction established a local corporation after more than two years of preparation. The company is currently carrying out 'The BORA 3170,' a mixed-use residential project developed entirely in-house, from land acquisition to design and construction, with completion scheduled for the second half of this year. Bando Construction has also purchased two additional plots near the site to prepare for new housing projects.

Based on the MOI with the City of Glendale, Bando Construction plans to seek ways to participate in Glendale's development and expand its presence in the U.S. housing market.

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