Busan’s Suyeong Yacht Center redevelopment enters a new stage

The city of Busan unveiled its intention to revitalize the Suyeong Yacht Center redevelopment project, announcing the commencement of a comprehensive re-promotion strategy following a recent proposal for changes to the implementation agreement by I-Park Marina, the project’s operator.

The inception of the Suyeong Yacht Center redevelopment project dates back to 2014, when the city and I-Park Marina entered into an implementation agreement.

However, discord arose over the placement of a hotel within the project site and the execution of the agreement, resulting in the city revoking I-Park Marina’s project operator designation in 2016.

Subsequently, I-Park Marina pursued legal recourse and emerged victorious in 2018, thus reinstating its role as the project operator.

Engaging in subsequent negotiations, the city and I-Park Marina deliberated on the project’s resumption, culminating in I-Park Marina’s submission of an amended implementation agreement that accommodated the city’s requisites, paving the way for the project’s reinitiation.

The alteration plan proposed by I-Park Marina included provisions to uphold public accessibility, fortify marina functionalities, and address community grievances.

As part of its commitment to public accessibility, the plan entailed the reduction of commercial facilities and the establishment of an open marina, in addition to the creation of a waterfront pedestrian path.

The contentious proposal to construct a hotel was abandoned, with alternative arrangements designed to minimize any potential encroachment on scenic views.

The city has outlined a comprehensive strategy involving various administrative processes and community engagement initiatives, such as strategic environmental impact assessments, revisions to the fundamental blueprint for public water reclamation, and consultations with the city planning committee.

With the smooth progression of these procedures, the commencement of construction is projected for the first half of 2025, with an estimated completion date set for 2026.