• The Incheon Port Authority (www.icpa.or.kr, President Lee Kyung-Gyu) announced on the 21^st that it had been notified by the Ministry of Oceans and Fisheries that IPA has been selected as the preferred bidder for the Redevelopment Project of Incheon Port's Inner Port Piers 1 and 8.

   

• In December last year, the Incheon Port Authority (IPA) submitted a project proposal in collaboration with the City of Incheon (Mayor Yoo Jeong-bok) and the Incheon Housing and City Development Corporation (President Cho Dong-am). The proposal includes ▴allocating more than 50% of the land for public facilities to enhance public interest, ▴introducing a park-style pedestrian bridge to connect the old city center and ▴securing ample parks and green spaces for the citizens.

   

• Prioritizing public interest, IPA followed due processes such as reviewing the feasibility of the proposal by a national research institute designated by the government and conducting a public bidding for third-party proposals, in accordance with the "Act on Port Redevelopment and Adjacent Area Development."

• As there were no additional project proposals submitted during the third-party bidding period, the Ministry of Oceans and Fisheries evaluated the submitted proposal and selected IPA, the City of Incheon, and the Incheon Housing and City Development Corporation as the preferred bidders.

• The Ministry of Oceans and Fisheries, along with IPA, the City of Incheon, and the Incheon Housing and City Development Corporation, will proceed with negotiations to finalize the implementation agreement. This will involve supplementing the project plan and discussing the conditions for project implementation. It will then be followed by the designation of the project implementers, public announcement of the project plan, and the approval of the construction plan, with the goal of commencing construction by the end of next year.

• Incheon Port Authority Regeneration Project Director Han Shin-gyu stated, "Through the redevelopment of Incheon Port's Inner Port Piers 1 and 8, which played a crucial role in the nation's economic development since the opening of Jemulpo Port, we aim to return the inner port to the citizens and revitalize the old city center,” and added, “Together with the City of Incheon and the Incheon Housing and City Development Corporation, we will strive to secure the position of project implementer and work towards realizing this highly anticipated project for the citizens."

Attachment: Key Details of the IPA Project Proposal for the Redevelopment of Incheon Port's Inner Port Piers 1 and 8

□ Project Overview

  ○ (Project Objective) To reorganize port functions to create a vibrant marine cultural urban space, and boost economic revitalization through the establishment of a new economic hub

  ○ (Project Area) 429,128㎡

  ○ (Total Project Cost) Approximately 590.6 billion won

 □ Development Direction (Land Use Plan)

□ Location and Land Map

□ Planned Land Use (Draft)

□ Aerial View (Sample)