Incheon City, Selected as the Preferred Negotiation Partner for the Redevelopment of Inner Port Piers 1 and 8

Incheon Metropolitan City Hall. (Incheon City)

Incheon Metropolitan City announced that the ‘Incheon Consortium’ has been selected as the preferred negotiation partner for the redevelopment project of Incheon Port's Inner Port Piers 1 and 8, and has begun official negotiations with the Ministry of Oceans and Fisheries.

The consortium includes Incheon Metropolitan City, Incheon Urban Corporation (iH), and Incheon Port Authority (IPA).

The redevelopment project of Inner Port Piers 1 and 8 is a leading project of the Jemulpo Renaissance, aiming to create a marine cultural urban space in Bukseong-dong and Hang-dong, Jung-gu, Incheon, over an area of 429,000 square meters. The project will invest a total of 590.6 billion KRW from 2024 to 2028.

To accelerate the progress of the redevelopment project and enhance public involvement, Incheon Metropolitan City, Incheon Urban Corporation, and Incheon Port Authority signed a basic business agreement for joint project implementation in September 2023, and submitted a joint business proposal to the Ministry of Oceans and Fisheries in December 2023.

Following this, the Ministry of Oceans and Fisheries reviewed the feasibility of the business proposal, conducted a third-party proposal competition, and evaluated the business proposal, eventually selecting the Incheon Consortium as the preferred negotiation partner.

Incheon Metropolitan City plans to proceed with negotiations to finalize the project implementation agreement by the end of this year, following discussions on project plan supplementation and business execution conditions.

Based on this, they plan to quickly complete the follow-up procedures, including the designation of the project implementer, and cooperate with all relevant agencies with the goal of starting construction by the end of 2025.

Kim Jun-seong, Director of the Global City Bureau, stated, “The redevelopment project of Inner Port Piers 1 and 8 is the nation’s first public port redevelopment project led by a local government, and the selection as the preferred negotiation partner signifies the full-scale advancement of a long-awaited project for citizens. Incheon City, as the representative joint project implementer, will actively lead investment attraction and citizen communication to promptly create a marine cultural space that will represent the Jemulpo Renaissance.”