Assemblyman Heo Jong-sik: "Dongincheon Private Station Complex Development, Korea Land Trust Likely"

Proposal for Jemulpo District Office and Administrative Agency Occupancy
Korea Rail Network Authority to Form SPC with Private Proposal Company in April Next Year

The Korea Land Trust Consortium has emerged as the leading candidate for the private developer role in the demolition and complex development project of the Dongincheon private station in Jung-gu, Incheon.

Heo Jong-sik, a member of the Democratic Party of Korea representing Dong-gu and Michuhol-gu Gap in Incheon, announced on the 29th, "Only one proposal from the Korea Land Trust Consortium was submitted for the 'Dongincheon Station Demolition and Complex Development Private Proposal Contest' conducted by the Korea Rail Network Authority from July 29 to October 4, and it was selected as the outstanding proposal at the private proposal review held on the 28th."

The total project cost is estimated at 733.7 billion KRW. The proposal is notable for including one office building in addition to residential and retail facilities. It is analyzed that the inclusion of public institutions, including the Jemulpo District Office, is considered essential to revitalize the Dongincheon Station area.

Democratic Party of Korea Representative Heo Jong-sik

Based on this private proposal, the Korea Rail Network Authority plans to conduct a contest to select the project operator from next month until January of next year. Unless there are major variables, it is expected that the Korea Land Trust Consortium will be appointed as the project operator.

The project will be carried out by a special purpose company (SPC) established through investment by the project operator and the Korea Rail Network Authority. The Korea Rail Network Authority plans to complete the SPC establishment by April next year, obtain various permits, and begin the demolition and complex development of the private station by June 2028.

The originally planned demolition date for the private station was March 2026, but the project schedule was delayed by about 2 years and 3 months because the Incheon City extended the usage period of the underground shopping mall beneath Dongincheon Station until the end of May 2028.

Heo’s office anticipates that some plans of Incheon City’s Dongincheon Station urban development project will be changed following the Korea Rail Network Authority’s private proposal for the private station. Incheon City had planned an underground road (for both vehicle traffic and pedestrian-only passage) passing through the south and north plazas of Dongincheon Station, but it has conveyed to the Korea Rail Network Authority that this may be subject to change according to the private station development plan. Furthermore, with the anticipated undergrounding of the Gyeongin Line, the underground road connecting north and south is expected to be scrapped.

Heo said, "Since both the private developer and the Korea Rail Network Authority have proposed office functions as key facilities to revitalize the area around Dongincheon Station, Incheon City, Jung-gu, and Dong-gu should establish plans for public institution occupancy, including the district offices. Additionally, a collaborative system should be built so that the government’s private station demolition and complex development and Incheon City’s Dongincheon Station urban development project can create a synergistic effect."

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