BPA Announces Private Developer Bid for Landmark Site Development in Bukhang Phase 1 Redevelopment Project

Busan Port Authority (BPA) is conducting a public contest for private developers to develop the landmark site, a key area of the Busan North Port Phase 1 redevelopment project.

BPA held a public contest for private developers to develop the landmark site in August 2022 to enhance competitiveness for hosting the 2030 World Expo and to revitalize the redevelopment project, but it failed due to a single bid.

Accordingly, BPA is promoting a public contest for private developers to develop the landmark site, which is a core facility of the World Expo.

Busan Port Authority.

This contest plan was established by reflecting the opinions of related organizations such as the Ministry of Oceans and Fisheries and Busan City to achieve the purpose of the North Port Phase 1 redevelopment project.

The target area is approximately 113,000㎡, designated with a building coverage ratio of 40% and a floor area ratio of 600% under the district unit plan, and plans to attract “global attractions and cultural spaces with mixed uses utilizing tangible and intangible content.”

Businesses wishing to participate in the project must submit a preliminary participation application to BPA by January 2024, referring to the public contest guideline form.

Kang Jun-seok, President of BPA, said, “The development of the landmark site, a core facility of the Busan North Port Phase 1 redevelopment project, will play a significant role in strengthening competitiveness for hosting the 2030 Busan World Expo,” adding, “We will do our best to attract excellent private developers for landmark architecture that will become a symbol of Busan.”

Detailed schedules and major announcements can be found on the BPA website from 1 p.m. on the 20th.

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