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Picture taken today 2015-10-05
I was there Sunday (on the 4th) and there was nothing going on at all, so I didn't bother taking a picture.

But on the top of the Lotte Mall (11F-13F), they still feature this tower heavily in drawings, presentations... So I think it will still get built, eventually. Otherwise letting such pictures of a dead project all over the place would be embarrassing for Lotte
 

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I was there Sunday (on the 4th) and there was nothing going on at all, so I didn't bother taking a picture.

But on the top of the Lotte Mall (11F-13F), they still feature this tower heavily in drawings, presentations... So I think it will still get built, eventually. Otherwise letting such pictures of a dead project all over the place would be embarrassing for Lotte
I saw all the drawings and presentations also and I thought the same thing, If the project was cancelled why they're still showing the tower?
 

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Took this picture today at the Busan City Hall, is a scale model of the entire city of Busan and they are still presenting the tower.
 

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Even presenting an old design
 
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A citizen group in Busan filed a complaint against Lotte to finally start building the tower, instead of waiting and waiting.

From what I understand in the Korean article:
Lotte tried to change the the usage of 35 floors from office to apartment use, but their request got rejected twice by the Maritime Affairs and Fisheries Office.

A change from office to apartments requires an adaption of the land purpose of the site. According to the Public Waters Management Act this alternation is only possible 10 years after the initial definition of the land purpose. The land purpose was defined in 2008.

This probably means that if Lotte will stick to it's plan to change the land purpose, then nothing will happen before 2018.


Please correct me if I misunderstood the article, its in Korean:
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0300&key=20151216.99002161827
 

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^^I don't know why they won't just build it as office space. If they built it, I'm sure it'd be considered one of the premier office spaces in the city, if not the premier. I know office space demand is low in Busan, but it can't be non-existent, right?
 

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A citizen group in Busan filed a complaint against Lotte to finally start building the tower, instead of waiting and waiting.

From what I understand in the Korean article:
Lotte tried to change the the usage of 35 floors from office to apartment use, but their request got rejected twice by the Maritime Affairs and Fisheries Office.

A change from office to apartments requires an adaption of the land purpose of the site. According to the Public Waters Management Act this alternation is only possible 10 years after the initial definition of the land purpose. The land purpose was defined in 2008.

This probably means that if Lotte will stick to it's plan to change the land purpose, then nothing will happen before 2018.


Please correct me if I misunderstood the article, its in Korean:
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0300&key=20151216.99002161827
Yes you're right.

Just a few precisions to make it clearer :
- 2018 does not mark an end date by which they can change their plans at will. The City of Busan has stated in response to this affair, that it wouldn't allow for a change of plans even after 2018, as it would not benefit the economy and Busan overall.
- For additional context, Lotte is about to or has pulled out of the North Harbor Redevelopment Project (just in front of Busan Station), and a huge Theme Park near Haeundae in East Busan. So many people in Busan feel betrayed by Lotte because the company has not kept its words. Also, as you know, Lotte is undergoing a succession (between Shin Dong-bin and Shin Dong-ju) / identity (is it Korean ? Japanese ? Both ? International) crisis, and it has very low support amongst many Korean (probably the most disliked conglomerate right now). I think that for most other chaebols, they could wither public opposition and ignore it as long as their products sell, but for Lotte bad press is something that they definitely will want to avoid. That even more true because Lotte is a mostly a consumer product / lifestyle conglomerate which sells mostly in Korea, and consumer opposition would affect it more than say Samsung (with a consumer base mostly abroad) or Hyundai (stronger in B2B sectors).

^^I don't know why they won't just build it as office space. If they built it, I'm sure it'd be considered one of the premier office spaces in the city, if not the premier. I know office space demand is low in Busan, but it can't be non-existent, right?
This is a prime location anyway. There is demand for both business and residential space. But I wouldn't be surprised if in the company's calculations residential was more financially viable. Most service businesses, especially in the finance sector, are located in the BFC/Seomyeon district, and industrial facilities are not located in the city center as much as near the huge Busan harbors (mostly in S-W Busan). On the other hand, this location is heavily touristic and retail-orientated, and I see how apartments could sell like hotcakes there.
 

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It's ironic, then, that with so many options, Lotte is losing a lot of potential revenue just because they can't seem to make up their mind.
 

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Yeah, almost ten years have passed right now. But I also don't understand why local authorities don't allow Lotte to change the destination of those 35 floors. Everybody benefits from this tower being built and residential space is obviously more profitable in such a location. Classic example of Korean bureaucracy then?^^
 

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^^Yes, that would make sense. Lotte isn't a real estate-exclusive company like China's Greenland, yet they still have a lot of tall buildings around the world. Having two >500m buildings go up at once might smell of frivolous spending.
 

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I think the city of Busan requires such a dramatic change in the next generation are building. But to be seen to what extent this project can be economically feasible for the city of Busan.
 

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I heard that all the shipbuilders in Yeongdo Island will move to start an apartment projet, they want to make Yeongdo Island to look like Haendue, we are talking 2025+ but a lot changes must be done in Yeongdo.
 
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Official

Lotte won the Lawsuit about Construction!!

Construction will start soon!!

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=001&aid=0008409935
For additional information, today's suit settlement was with the Busan Regional Office of Oceans and Fisheries about the costs of the reclamation work and ownership rights of the land wherethe complex is located.

It's a bit hurdle cleared, but last we heard, Lotte was trying to increase the proportion of residences in the tower, so they'd like to make changes to the building, which other stakeholders disagree with. So I don't think it means the construction will start right away.
 
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