Incheon Naihwang 1·8 Wharf Redevelopment Investment Briefing... 429,000㎡ Redevelopment by 2028

Incheon Port Authority (IPA) held a briefing session on the 27th at the Incheon Harbor Park Hotel regarding the redevelopment project of Incheon Inner Port Piers 1 and 8, aiming to successfully attract investment for the sale of supply land.

The briefing, targeted at potential investors, was attended by over 40 representatives from 14 major domestic construction companies and development implementers.

IPA explained the progress of the Inner Port Piers 1 and 8 redevelopment project and future land supply plans to the attendees, followed by a harbor tour, on-site visit, and a Q&A session.

On the 27th, an investment briefing session related to the redevelopment project of Incheon Inner Port Piers 1 and 8 was held at the Incheon Harbor Park Hotel, attended by major domestic construction companies and development contractors.
[Photo by Incheon Port Authority]

The Inner Port Piers 1 and 8 redevelopment project is a leading initiative of the 8th local government’s core pledge, the 'Jemulpo Renaissance (Incheon Old Downtown Revival Project)'. The plan is to invest a total of 590.6 billion KRW by 2028 to redevelop 429,000㎡ in the Bukseong-dong and Hang-dong areas of Jung-gu, Incheon, transforming it into a marine cultural urban space.

Incheon Inner Port, opened in 1974, has seen a decline in cargo volume as other ports in Incheon, such as the New Port and North Port, have been actively developed. Moreover, residents around the Inner Port have been complaining for over 30 years about noise and dust caused by port logistics facilities, raising a consistent need for adjusting the port’s functions and redeveloping the surrounding old downtown area as a unified space.

Recently, Incheon City, IPA, and Incheon Urban Corporation (iH) were selected as the preferred negotiation parties for the redevelopment of Inner Port Piers 1 and 8 and have begun formal negotiations with the Ministry of Oceans and Fisheries. The consortium aims to finalize the implementation agreement within this year after supplementing the business plan and negotiating implementation conditions. Once officially designated as the project implementer, construction is planned to start by the end of next year and complete redevelopment by 2028.

An IPA official stated, "By holding the investment briefing, we plan to invigorate the project and steadily advance the redevelopment of Incheon Inner Port Piers 1 and 8," adding, "We will do our best to ensure the successful regeneration of the old downtown area to revitalize the local economy."

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