Approval of the 3rd Project Plan Amendment... Agreement Ceremony Held at Gyeonggi Provincial Office on the 11th Afternoon
Development of Commercial Facilities Including a 20,000-Seat Arena, Theme Park, and Hotel
South Korea's Representative Tourist Landmark... 20 Million Visitors and Employment Effect of Over 280,000
[Asia Economy Reporter Lee Seon-ae] The project to establish 'CJ LiveCity,' the first K-pop arena (performance venue) in Korea, is finally moving forward. With the approval of the revised business plan, which had been delayed for over a year, the groundbreaking for construction has begun. CJ expects 'CJ LiveCity' to emerge as a representative tourist landmark of South Korea, contributing to the revitalization of the local and national economy.
CJ Invests 2 Trillion Won to Create a K-pop Sanctuary
According to CJ and Gyeonggi Province on the 11th, the province recently approved the third revised business plan submitted by CJ, and a signing ceremony will be held at 2 p.m. at the Gyeonggi Provincial Office. It has finally become possible to start construction after 1 year and 2 months since the submission of the revised business plan in June last year. Once Goyang City grants the building permit, construction will commence immediately. The completion deadline is set for the end of 2024.
The complex cultural space 'CJ LiveCity,' managed by CJ LiveCity, a CJ Group affiliate, will be built on approximately 300,000 square meters of the Hallyu World site in Janghang-dong, Ilsandong-gu, Goyang City. The main change in the revised business plan is shifting from a theme park centered on amusement rides to one focused on an arena performance hall, and operating the theme park as an open rather than a closed facility.
Accordingly, CJ plans to develop 'CJ LiveCity' with commercial facilities including a theme park, hotels, and notably, a 20,000-seat arena?the first of its kind in Korea. Approximately 2 trillion won will be invested in this project. The arena, designed as a circular performance hall, will incorporate the latest IT technologies to enable world-class, cutting-edge live performances. The design will connect the interior and exterior of the venue to provide an 'In&Out' experience where arena spectators and visitors to the complex can enjoy content together.
Partnership with US AEG, Arena Construction
CJ has signed a Memorandum of Understanding (MOU) with AEG, the world's leading company in arena development and operation, to discuss the construction of the arena. AEG owns and operates over 160 major arenas worldwide, including the Staples Center in Los Angeles, USA; the O2 Arena in London, UK, which has attracted over 50 million visitors since its opening; Mercedes Platz in Berlin, Germany; and Mercedes-Benz Arena in Shanghai, China. More than 20 of the top 100 ticket-selling arenas globally are owned or operated by AEG.
A CJ LiveCity official stated, "The partnership between CJ and AEG combines CJ's long-standing cultural business expertise with AEG's arena operation know-how and global concert promotion capabilities. The arena will be a venue for K-pop and world-class performances, making it competitive not only in Northeast Asia but globally."
The commercial facilities will be developed as various experience zones based on AR (Augmented Reality) and VR (Virtual Reality) content. CJ expects 'CJ LiveCity' to become a landmark tourist destination representing South Korea and has expressed optimism about its economic ripple effects.
A CJ representative said, "According to estimates commissioned from Samil Accounting Corporation and Yonsei University's Department of Urban Engineering, once 'CJ LiveCity' opens, the economic ripple effect over 10 years is expected to reach approximately 33 trillion won, with employment inducement effects estimated at around 280,000 people. Additionally, direct employment of about 5,800 people is anticipated in the arena, content amusement facilities, commercial, and lodging facilities, along with a minimum annual visitation of 20 million tourists."
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