A World-Class Marina to Open in Busan... Redevelopment of Suyeong Bay Yacht Stadium Sets Sail

Change Proposal for Implementation Agreement Reflecting Busan City's Requests

Ensuring Public Interest and Strengthening Marina Functions

Construction Start in 2025, Completion Targeted for 2026

Busan Suyeongman Yacht Stadium will be redeveloped into a global marina.

On the 8th, Busan City announced that it will actively resume the Suyeongman Yacht Stadium redevelopment private investment project following the submission of a revised implementation agreement by the project operator.

This project signed an implementation agreement with I-Park Marina Co., Ltd. in March 2014, but due to disagreements over the location of the hotel within the project site and the fulfillment of the implementation agreement, Busan City canceled the designation of the project operator in August 2016. Subsequently, after litigation, the project operator won the case in April 2018 and regained the status of project operator.

2023 Swimming Man Yacht Stadium Redevelopment Amendment.

Busan City, in order to resume the long-stalled Suyeongman Yacht Stadium redevelopment private investment project since the 2014 implementation agreement, negotiated with the project operator and received a revised implementation agreement reflecting Busan City's requests on October 20.

Busan City has consistently requested the project operator to secure public interest, strengthen marina functions, and reflect surrounding civil complaints to resume the project.

Considering changes in circumstances since the 2014 implementation agreement, the project operator proposed a plan to enhance competitiveness, revitalize the local economy, and attract tourists by creating a marine cultural complex space where local residents and tourists can communicate and enjoy various cultural events.

Going forward, the city plans to promptly carry out necessary administrative procedures according to relevant laws regarding the revised implementation agreement proposed by the project operator, listen to citizens' opinions through resident briefings, and then actively promote the project.

Since more than five years have passed since the designation of the project operator, a demand forecast re-investigation must be conducted in accordance with the Private Investment Act and related regulations, and subsequent administrative procedures will be carried out based on the results of the re-investigation.

Additionally, the city plans to carry out various permit procedures such as strategic environmental impact assessment, changes to the basic plan for reclamation of public waters, and review by the urban planning committee, as well as hold resident briefings to collect and reflect residents' opinions.

The city aims to start construction in the first half of 2025 and complete the project by 2026 through prompt administrative procedures.

Park Hyung-jun, Mayor of Busan, said, “It is no longer possible to neglect the redevelopment project of Suyeongman Yacht Stadium, which reflects the era's trend of marine leisure, for Busan to advance as a global tourist city,” adding, “The submitted revision is the optimal plan to secure public interest and minimize residents' inconvenience, and we will ensure that Suyeongman Yacht Stadium becomes a pillar of marina industry development with world-class marine leisure content.”

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