A Cultural Facility to Open in 'Geomdan New Town Nextiel Mixed-Use Cultural and Commercial Complex'

- Geomdan New Town Nextiel Complex Cultural and Commercial Facility
- Various Programs Planned for All Ages from Children to Adults

An MOU has been signed to introduce cultural facilities into the ‘Geomdan New Town Nextiel Complex Cultural Commercial Facility’ constructed by Lotte Construction. It is expected to serve as a catalyst for revitalizing the local commercial district.

The ‘Geomdan New Town Nextiel Complex Cultural Commercial Facility,’ constructed by Lotte Construction, is a landmark transit-oriented development project planned by Incheon Urban Corporation at the very center of Geomdan New Town for mixed-use development including culture, shopping, leisure, and residential purposes. To implement this, leading domestic real estate developers such as Lotte Construction, Meritz Securities, and Daishin Securities have participated. Once completed, it will become the largest single complex facility in Geomdan New Town.

The facility will introduce a total of seven types of complex cultural facilities including a bookstore, cultural center, multiplex, kids’ zone, sports, and healthcare, and will be developed as a revitalization facility for Geomdan New Town. The facility will be operated for five years after completion by Next V City PFV, in which Lotte Construction is a shareholder.

Recently, MOUs for these key facilities were signed. According to Next V City PFV, in October, Next V City PFV signed a business partnership agreement (MOU) with NHN Link to activate cultural content. NHN Link is reviewing the operation and management of a multicultural space (cultural center) of approximately 730 pyeong.

Additionally, Inport officially signed a business partnership agreement (MOU) to activate the sports theme park. Inport is reviewing the operation of 10 sports content facilities including indoor tennis, Pilates, and golf practice ranges within a sports theme park of about 720 pyeong.

The operators (Inport, NHN Link) plan to promote △cultural content development and operation △sports content development and operation through mutual cooperation based on this business partnership agreement. In particular, NHN Link plans to review programs for children and cultural programs for people in their 30s and 40s, offering programs that can be enjoyed by all ages and genders.

Besides the sports theme park and cultural center, Lotte Cultureworks, the operator of Lotte Cinema, has also submitted a letter of intent to move in, raising expectations for the completion of the Geomdan New Town Nextiel Complex Cultural Commercial Facility. Lotte Cultureworks is considering a cinema with 6 screens and approximately 580 seats. Next V City PFV is also in discussions with operators of large bookstores and kids’ theme parks in addition to the above complex cultural facilities and plans to fill the key facilities for complex activation before completion.

Another strength is that the project is progressing steadily. Despite the real estate loan market tightening due to last year’s Legoland incident and recent large-scale interest rate hikes, Next V City PFV successfully raised 400 billion KRW in real estate PF loans in June this year, bringing the project into a stable phase.

The ‘Geomdan New Town Nextiel Complex Cultural Commercial Facility’ currently operates promotional centers in both Incheon and Seoul.

[‘Geomdan New Town Nextiel Complex Cultural Commercial Facility’ Bird's-eye View]