A major regeneration project that will radically transform the Namsan Hilton site and its surrounding area is set to begin officially.

On the 26th, IGIS Asset Management announced that the 'Yangdong Urban Regeneration Area 4-2 and 7 Districts redevelopment received its project implementation approval on the 24th. The project implementation entity, YDI427 PFV, is set to sign a construction contract with Hyundai Engineering & Construction.

After securing approval for the management plan in the first quarter of 2024, groundbreaking is expected in the year's first half.

YDI427 PFV, which includes IGIS Asset Management, Hyundai Engineering & Construction, and Shinhan Financial Group as stakeholders, has spearheaded a large-scale urban regeneration project in the Yangdong district between Seoul Station and Namsan since 2022. The focus of this approval is the Hilton site, a pivotal element of the project, with a total floor area of 33,898.69㎡.

The other part of the project is the redevelopment of the nearby Metro and Seoul Lotte Tower (built in the 1970s) as part of the Yangdong Urban Regeneration Area 8-1 and 6 Districts. Once completed by 2030, the development will create a new mixed-use space in front of Seoul Station, totaling approximately 460,000㎡, comparable to Yeouido IFC (three office buildings totaling about 500,000㎡).

The integrated project will be named 'Iota,' symbolizing completeness in Greek.

An IGIS Asset Management spokesperson emphasized, "Seoul has grown into a megacity ranking 2nd in population and 4th in economic size globally, but its top-tier commercial real estate is still only one-third the size of Tokyo's. The Iota Project aims to transform Seoul's underdeveloped areas into future spaces where nature, culture, and cutting-edge office facilities harmonize."

Upon completion, the development will feature two state-of-the-art office buildings, a 6-star hotel, and a variety of retail facilities. Notably, 40% of the total land area will be dedicated as public green space for citizens, equivalent to the size of a football field.

To enhance the public welfare of the project, IGIS Asset Management has been in close collaboration with various stakeholders. As part of the initiative, plans for installing escalators to improve pedestrian access from Seoul Station to Namsan have been added, along with design plans that preserve the Namsan view.

Additionally, world-renowned architectural firms, including Foster+Partners (UK), Skidmore, Owings & Merrill (SOM, USA), and dA Architects (Korea), are joining the project. Foster+Partners has designed iconic landmarks such as Apple's Silicon Valley headquarters ('Apple Ring'), the 50 Hudson Yards, and 425 Park Avenue buildings in New York over the past eight years.

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