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Europa
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LOCATION: 426 Cheongpa-ro, 122-15 Bongraedong 2-ga, Jung-gu
HEIGHT: Office Tower > 182m | Hotel Tower > 100m
FLOORS: Office Tower > 40 fl | Hotel Tower > 27 fl
USE: Office, Convention | Hotel
CONSTRUCTION START: 2015
CONSTRUCTION END: 2018
STATUS: Approved
 

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Nice multi purpose development here. Is there a retail component? I can sense the smell of the mall.
 

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Europa
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Nice multi purpose development here. Is there a retail component? I can sense the smell of the mall.
Yeah, retail, office, officetel, conferencing space, hotel... All in two buildings :)
 

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It looks like this is going to be built above the tracks coming out of the northern side of Seoul Station. It's like a mini Hudson Yards project :).
 

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I knew this project has a thread ! Finally found it in the 11th page of my subscribed Korean threads. lol

Here is the post I posted on the Projects and Construction thread



Major Hotel and Convention Center just North of Seoul Station - 40 floors

A new project has emerged... well, actually a project that has come back from the dead after a couple of years.

It has been discussed before, but was put on hold, and almost scrapped, because of disagreements between Korail and Seoul.

Korail wants to build a large complex just North of the station, between the Seoul 7017 overpass (and future park), and the Yeomcheon Bridge. Right now it's just rail tracks and ugly rail structures.

So that's a huge project that would involve a 40-building hotel, convention center (bigger than COEX) and shopping complex.

The previous renders were as follows:


http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=112&aid=0002084764

The initial project was rejected by the city, but Korail has apparently made some concessions, so now it has been accepted, so Korail and Seoul have finally buried the hatchet after at least 2 years. I think the final renders will be a bit different from that previous picture, but the overall scale and philosophy of the project would remain fairly similar.

Here is a photo I took on Christmas Day when they opened up the Seoul Overpass, which shows the location of the future project (just over the railroads):
Untitled by kimahrikku1, on Flickr

So keep an eye on this project (that would probably be the tallest buidling in the historical part of the city), although it's definitely not shovel-ready yet.
 

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Changes to the project.

The previous project, from 2014, for which Seoul collaborated with Hanwha, had not really worked, because the costs were high ($1.3bn), the benefits uncertain.

So a new project has been put forward, but it's still a work in progress.

In the same way the projects in Gangnam are all interconnected (Hyundai GBC, Yeongdeung Avenue Transfer Center, expressway tunnels, Jamsil MICE, rebuilding of arenas and baseball stadiums, renovation of Olympic station), this project will be impacted by the overall rail projects between Yongsan and Seoul station (current project is for the railtracks to be rebuilt underground), which will in turn be impacted by the Yongsan IBD project, for which the masterplan is scheduled to be announced in Q3 2018.

Here are the main takeaways:
- The MICE (convention center) infrastructure will be reduced considerably from the previous plan. City officials have concerns that the demand will be insufficient for the MICE, because there are already quite a few projects underway or recently completed in Korea (KINTEX phase 2, Songdo Convensia Phase 2, SETEC redevelopment, Daejeon Convention Center, Suwon Convension Center in Gwanggyo, and of course the second COEX in Jamsil).
- Instead, the project will mostly include an hotel, officetel, residences, and offices. There will be 5 buildings in total, and the tallest (office) would rise to 40 floors, as previously planned. The have also decided to provide more cultural or commercial space, to meet the demands of the many people coming in and out of Seoul Station.
- The project will not be built over the rail roads but only on the west side of the lot. This will probably contribute to cut costs. With this new design, Seoullo 7017 will serve as a gateway to the new complex and new connections will be built. If it is built according to the plans (see photo), it should be a nice web of catwalks which serves a good purpose and has a chance to be interesting. However, I'd take all this information with a grain of salt, as once again, the tracks may be rebuilt underground, and it's still unclear what will happen to the existing Seoul Station (might be demolished, except for the 1925 building).

We'll know more once the masterplan regarding the plans for the Yongsan - Seoul Station railroad is published.





http://news.hankyung.com/article/2018061500781
 

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^^
Yes right

this rail road soon "underground" and expect amazing changed over ground to connected with yongsan supertall through pedestrian way.

btw it is reduce mice meanwhil increased commercial not because already mice facility enough but because they want increased economical feasibility in this project.
 

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too many beggar around there area.
maybe those beggar will disappear when project completed!
good for seoul
 

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If the Seoul Station really does get rebuilt underground, where are they gonna fit all those parking spaces and the entirety of the existing station's square footage (including all the retail/shops, etc)? I didn't think any of the buildings were going to be built over the rail tracks in the original design, anyway, with all that piling needed for the foundations getting in the way of the rail line.
 

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According to this new article, the two main bids will be one centered around Samsung C&T and Mirae Asset, and the other one will be another consortium led by Hanwha. There might be other bids from Lotte, STX or GS but it's not sure at this point.

The deadline to submit bids is March 28th.

Height limit is 150 meters.

I guess that this will definitely answer our question on whether this will get built on the rails or not. Technically, I don't think it's a problem, and you could always have parking in the upper floors. Probably more expensive though... We'll probably know in a few weeks.



https://news.naver.com/main/read.nhn?mode=LS2D&mid=shm&sid1=101&sid2=260&oid=011&aid=0003519427
 

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The bids have now officially closed, and there have been three bids:
- Samsung C&T and Mirae Asset Consortium: Project includes HDC I'Park Mall, E-Mart and Marriott Hotel
- Hanwha E&C (which had won the previous big before the initial project faltered around 5 years ago): Project includes Hanwha Galleria Department Store, an Aquarium, Officetels, and an hotel
- Lotte E&C and Meritz Consortium: details of the bid unknown

The total project will be for an estimated USD 1.3 bn, and the winning bid is expected to be selected in early May.

https://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=015&aid=0004115735
 

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So, the issue which I mentioned in my previous post is deepening.

While the Lotte Consortium is the highest bidder, it seems that Korail is using this financial approval (usually this process would be done after a preferred bidder is selected) thing as a pretext not to grant the bid to Lotte / Meritz Consortium. Meritz is saying that this may be a ploy by Korail to favor another bidder, probably Hanwha, which was initially selected for this project years ago before it fell apart.

So, it is possible that the situation will escalate and that this will go to the courts. In this case the project could be significantly delayed.

I'll keep you posted.

https://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=011&aid=0003558441
 

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Hanwha Consortium officially selected as preferred bidder

After all these twists and turns, and after the issue with the Lotte Consortium and espectially with Meritz, Korail has instead decided to select the Hanwha consortium as its preferred bidder for the project.

Construction cost will be around 1.5 billion dollars.

https://news.joins.com/article/23520184

https://www.hankyung.com/realestate/article/2019070923981

http://biz.chosun.com/site/data/html_dir/2019/07/09/2019070902919.html

https://www.mk.co.kr/news/realestate/view/2019/07/503132/
 

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So, as I previously informed you, there was a risk of legal action in this project, and this is indeed the case now.

The selection of Hanwha as the preferred bidder, after turning down the proposition from the highest bidder (Lotte Consortium) due to the participation of Meritz, a financial institution, is raising highbrows.

I won't get into the details to much, but now, the Lotte Consortium is expected to go to courts against Korail for the selection of Hanwha as the preferred bidder, after excluding Meritz due to Korail asking Meritz for additional approval from the government.

At this point it's quite messy, and tough to know how long it will take or who will win, although from what I've read, the actions of Korail seem to be a bit messy...

http://www.koreaittimes.com/news/articleView.html?idxno=91946
 

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You won't hear me praise Korail's involvement in anything unduly....It does make sense, though, considering how important this project is, that people would be eager to be involved in it. I'm just as eager to see how it all shakes out.
 

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Case dismissed by Daejeon's court

The Daejeon court which was hearing the case put forth by Meritz has decided on October 18th to dismiss the case. This would mean that there will be no further issue for Korail to enter into a final agreement with Hanwha for the development of this site. I don't know if there will be any further appeals, and we will see where the project goes, but at least it's good news!

https://www.hankyung.com/realestate/article/2019102073051

http://www.sisajournal-e.com/news/articleView.html?idxno=207762
 
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