LH to Develop 'Streaming City' in Cheongna International City with 840 Billion Won Investment

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) is establishing a video and cultural content industry cluster called 'Streaming City (tentative name)' in Cheongna International City, Incheon.

On the 10th, LH announced that it signed a Memorandum of Understanding (MOU) for the creation of Streaming City in Cheongna International City with the Incheon Free Economic Zone Authority and the Special Purpose Corporation (SPC) Streaming City at G Tower in Songdo-dong, Yeonsu-gu, Incheon.

Streaming City means "a city where video and cultural content pour out in real time." Through this project, a total of 840 billion KRW will be invested in approximately 119,000㎡ of land for investment attraction in Cheongna, where film and drama shooting studios, media centers, and a world culture street will be established.

The representative facility includes indoor studios each covering 3,300㎡. The studios will be designed as locations with high filming demand such as the UK Conmarket Street, Spain Seville Street, the opening period Jemulpo Street, New York Broadway, police stations, and prisons.

Major operators of Streaming City include MBC Art and EBS Media, responsible for drama production and studio construction and operation. Korea Asset Trust and Mirae Asset Daewoo will cooperate as implementation and financial partners, respectively.

According to the agreement, LH will support land supply and site acquisition, the Incheon Free Economic Zone Authority will handle administrative support such as permits and changes for the target site, and Streaming City will be responsible for detailed investment planning.

LH expects that if construction begins next year, studio facilities could partially start occupancy in 2022. The entire project is expected to be completed by 2025.

LH explained, "Once Streaming City is completed, Cheongna International City will be established as a video and cultural city," adding, "It is also expected to contribute to regional economic development by attracting foreign direct investment worth approximately 12.6 billion KRW."