‘Geumssaragi’ The-K Hotel Transforms into AI Research and Development Center

Aerial view of the research and development center in Yangjae-dong 202, Seocho-gu, Seoul [Photo provided by Seoul City]

[Asia Economy Reporter Tae-min Ryu] On the 9th, Seoul City announced that it approved the original proposal at the 2nd Urban and Architectural Joint Committee held on the 8th to select the site at 202 Yangjae-dong, Seocho-gu, Seoul, where The-K Hotel is located, as a preliminary negotiation target for urban planning changes.

The-K Hotel site, located within the Yangjae AI·R&D (Research & Development) Innovation District, covers a total area of 98,820㎡. Despite being a large-scale site with facilities aged over 33 years, land use has declined, prompting administrative procedures to select the site as a preliminary negotiation target for urban planning changes to facilitate site development.

With the selection of the site for preliminary negotiation on urban planning changes completed, Seoul City plans to actively promote preliminary negotiations this year to utilize the site as a strategic base for Seoul's future growth, aiming to commence construction in 2025.

The preliminary negotiation system is a process where public authorities and private developers negotiate in advance to establish detailed development plans and change urban planning for large-scale development sites over 5,000㎡. This development method enhances project feasibility through urban planning changes and secures planning benefits as public contributions, promoting efficient land use and the public nature of urban development projects simultaneously.

Through preliminary negotiations, the city plans to create an R&D innovation space that generates new workplaces for knowledge-based industries and support R&D functions in each zone such as the AI Yangjae Hub and R&D Campus by introducing MICE (Meetings, Incentives, Conferences, and Exhibitions) functions, transforming the area into a representative landmark that attracts future creative talents.

Additionally, the city will create an urban green network where green spaces, work, life, and rest coexist by linking local resources such as Yangjaecheon Stream and Yangjae Citizens' Forest with open spaces within the site. Public contributions secured through urban planning changes for the site will be used for ▲improving the metropolitan transportation system ▲establishing R&D industrial infrastructure ▲expanding various public facilities needed in the area.

Jo Nam-jun, Director of the Urban Planning Bureau of Seoul City, said, “We will review this area, which has unique potential in Seoul for linking companies, regions, technology, and culture, as an important strategic site for future convergence innovation,” and added, “We will do our best to ensure this site becomes a stepping stone for growth as the hub of the Yangjae AI industry and an R&D innovation base.”