Busan City Decides to Extend Implementation Plan Approval by 1 Year... Ensuring Smooth Progress of Lotte Town Project with Thorough Oversight!

Early September: Lotte's Application for Change Approval of Implementation Plan Approved

After Confirming Execution of Promotion Plan, Extension of Next Implementation Plan Approval to be Reviewed

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City has decided to extend the approval for the Busan Lotte Town implementation plan submitted by Lotte by 12 months.

In early September, Lotte applied for a change approval to extend the project period of the urban planning project (city development project) including the Busan Lotte Town plan by 24 months.

After careful consideration, Busan City decided to extend the implementation plan submitted by Lotte, including the project promotion plan to start construction in May 2023, by 12 months. This decision took into account that Lotte is currently carrying out the upper steel structure construction of the Busan Lotte Tower, received conditional approval from the landscape committee regarding building changes (May 2022), conducted a naming contest for the Lotte Tower (September 2022), and applied for building review (September 2022).

This decision reflects the city's position to minimize risks such as project delays by Lotte after the implementation plan change approval.

Since the initial urban planning project (city development project) implementation plan approval in March 1998, Busan Lotte Town has received a total of seven implementation plan change approvals including this time.

Currently, within the Lotte Town site, the department store building, Aqua Mall building, and entertainment building have been completed and are operating in a temporary use state, while only the site for the Busan Lotte Tower has been prepared and remains undeveloped.

After this change approval, the city plans to carefully monitor whether Lotte fulfills its submitted project plan, including starting construction of the Busan Lotte Tower in May 2023, and decide on the policy for the next implementation plan approval.

A Busan city official stated, “We will thoroughly manage the urban planning project step-by-step, encouraging Lotte to promptly carry out administrative procedures and promote the project.”