Pohang City Announces Private Bidding for Yeongildae Parking Lot Development Project... Plans to Attract a Luxury Hotel

Expansion of MICE Industry Infrastructure and Increase in Stay-Type Tourists

Private Proposal Contest Held from the 6th to February 19th

Pohang City will hold a private proposal contest for the Yeongildae parking lot site from the 6th to February 19th.

This contest is attracting attention as an important project to establish a development plan that meets domestic and international business demands and harmonizes with the commercial district near Yeongildae Beach, ahead of the construction of the Pohang International Exhibition and Convention Center.

The contest target site is a public parking lot in the Hanggu-dong area of Buk-gu, Pohang City, covering approximately 6,869㎡ with a current capacity of 250 parking spaces.

The city completed the land purchase for the site in December last year, and through this contest, plans to expand infrastructure for revitalizing the MICE (Meetings, Incentives, Conventions, and Exhibitions) industry such as meetings, incentive tourism, conventions, and exhibitions, as well as attract a luxury hotel to increase the number of stay-type tourists.

Pohang is rapidly emerging as a hub for various future growth industries such as batteries, bio, hydrogen, and food tech, centered on the marine tourism industry, highlighting the need for a luxury hotel that can meet the demands of domestic and international tourists and business professionals.

In particular, securing accommodations of four-star or higher, a requirement for selection as an international conference complex district, has become a major task, and this contest is evaluated as an important step in enhancing the city’s brand value.

Pohang City has been sequentially carrying out related administrative procedures to attract a luxury hotel by utilizing the Yeongildae parking lot site.

Since April last year, consultations for designating the area as an urban development zone and hearing opinions from the Pohang City Council have been completed, and the administrative procedures for designation as an urban development zone are expected to be finalized after review by the Urban Planning Committee in January this year.

To participate in the contest, proposals must include a tourist hotel with 200 or more rooms and four-star or higher rating according to the Tourism Promotion Act, and secure 250 public parking spaces. Additional facilities can be autonomously proposed by the private sector, and elements considering coexistence with the adjacent commercial district may be included.

Submitted private proposals will be evaluated based on five criteria: ▲development plan ▲financial plan ▲hotel operation plan ▲public contribution plan, and the results will be announced within 30 days.

Outstanding proposers will be given incentives within 3% of the total evaluation score in the main contest for recruiting urban development implementers scheduled for the first half of this year.

The city plans to make every effort to revitalize the local economy through this contest and to develop into a stay-type city where tourism and business harmonize. In particular, attracting a luxury hotel and expanding the foundation of the MICE industry are expected to serve as important opportunities to internationally promote Pohang’s appeal as a marine city and a hub for new industries.

A Pohang City official said, “This contest will be an opportunity to enhance the future value of the region based on the private sector’s creative ideas and expertise,” adding, “We hope for the interest and participation of various companies and experts, and will strive to grow Pohang into a global hub city for new industries.”

Detailed information about the contest can be found on the Pohang City Hall website.

Pohang Yeongildae Parking Lot Site Private Proposal Contest Site. Provided by Pohang City

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