[Asia Economy Reporter Ryu Tae-min] The Seoul Metropolitan Government announced that it will initiate preliminary negotiations for the development project of the Gangnam Le Meridien Hotel site.
On the 1st, Seoul City stated that it will begin full-scale preliminary negotiations with the project operator regarding the development plan for the Gangnam Le Meridien Hotel site, which originally opened as the Ritz-Carlton Hotel in 1995. The site had operated as a representative luxury hotel in the Gangnam area for over 20 years before being renovated into the Le Meridien Hotel in 2017. However, due to ongoing adverse factors such as COVID-19, it closed in August 2021.
The main details of the submitted plan include a large-scale development covering a total area of 133,165㎡. It is a mixed-use facility combining office, commercial, and accommodation functions, with 31 floors above ground. The proposed facilities consist of 35,587㎡ of office space, 10,749㎡ of accommodation, and 16,765㎡ of retail and neighborhood living facilities. In terms of total area, this is approximately 1.4 times the size of the nearby Gangnam Kyobo Tower (92,717㎡).
The development of the Le Meridien Hotel site will feature an innovative architectural plan designed by world-renowned architect Dominique Perrault, who incorporates the shape of Seoul’s ‘Nae·Oe Sasan’ (Inner and Outer Four Mountains). Seoul City plans to proceed with ‘architectural innovation-type’ preliminary negotiations to support the creation of an international landmark reflecting excellent architectural design.
From the negotiation stage of the development plan, Seoul City will strengthen the team with experts in architecture and design to ensure the incorporation of outstanding architectural design through the ‘architectural innovation-type preliminary negotiations.’ A ‘Negotiation Coordination Council’ will be formed, consisting of private sector (project operator), public sector (Seoul City), and experts from various fields. The council will review and finalize the detailed development plan starting this month, and will also discuss the utilization of public contributions arising from urban planning changes.
The preliminary negotiation system applied to this project is a system where Seoul City, as the permit authority, and private developers negotiate to establish a detailed development plan including urban planning changes for large sites over 5,000㎡. Part of the planning gains generated by zoning upgrades is secured as public contributions to improve local conditions and create necessary facilities.
Seoul City plans to complete the preliminary negotiations in the first half of 2023 and expects construction to begin as early as the end of 2024.
Hong Seon-gi, Director of Future Space Planning at Seoul City, said, “We hope that the development of a large-scale mixed-use office facility in the Gangnam downtown area will strengthen Seoul’s role as an international business hub.” He added, “We expect a new landmark in Seoul to be born through the innovative architectural plan proposed by a world-renowned architect.” He further stated, “We will carefully review and support the plan from the review stage to ensure that excellent architectural design is respected and realized as a rational and harmonious development with the local community.”
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