Incheon Port Inner Harbor 1st and 8th Piers Redevelopment Selected for Preliminary Feasibility Study

Perspective view of Incheon Port Inner Harbor 1·8 Wharf Redevelopment Project [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Incheon Port Authority (IPA) announced on the 3rd that the redevelopment project of Inner Port 1 and 8 Piers at Incheon Port has been included in the government's preliminary feasibility study.

Based on the results of the preliminary feasibility study conducted by the Korea Development Institute (KDI), which will continue until the first half of next year, IPA plans to establish a project plan, obtain approval for the implementation plan in 2024, and then commence construction.

This project involves investing a total of 556.3 billion KRW by 2028 to create marine cultural urban spaces and others on a 429,000㎡ area around Inner Port 1 and 8 Piers in Bukseong-dong 1-ga, Jung-gu, Incheon.

The Incheon Inner Port 1 and 8 Piers redevelopment project, which began in 2007 through a National Assembly citizen petition, faced prolonged difficulties due to the failure of the Ministry of Oceans and Fisheries' public offering for project implementers in 2015-2016 and LH's withdrawal from participation in 2019.

Subsequently, the Ministry of Oceans and Fisheries selected IPA as the preferred negotiation partner for this project last year and designated it as the project implementer in March this year.

An IPA official stated, "We plan to install sufficient public facilities such as parks and roads within the redevelopment area and return development profits to the local community through a balance of public interest and business feasibility."