▲ Conceptual rendering of the Jamsil Sports and MICE complex project
A large-scale mixed-use development project to build a 30,000-seat domed baseball stadium and exhibition and convention facilities 2.5 times the size of COEX on the site of the Jamsil Sports Complex in Seoul is set to move forward in earnest.
The Seoul Metropolitan Government announced that the "designation of the project operator and the implementation agreement for the Jamsil Sports and MICE complex development project" passed the Private Investment Project Review Committee under the Ministry of Economy and Finance today (July 16).
With the committee's approval, the project has completed final verification regarding its feasibility, public interest, and financial structure, allowing it to proceed with subsequent steps such as signing the implementation agreement and approving the implementation plan.
The city plans to sign the implementation agreement this month and, following the private operator's project financing (PF) procurement, aims to begin construction in the second half of this year with a target completion date of 2032.
The project involves clearing old facilities on a 290,000-square-meter site around the Jamsil Sports Complex to create a sports and cultural hub. This includes an exhibition center (89,000 square meters) and convention facilities (19,000 square meters) 2.5 times the size of COEX, a 30,000-seat domed baseball stadium, and an 11,000-seat sports complex.
To allow for lodging, shopping, and tourism in one location, 841 hotel rooms and 110,000 square meters of commercial facilities will be included.
The lodging facilities will consist of a total of 841 rooms, including 288 five-star hotel rooms, 306 business hotel rooms, and 247 residence hotel rooms.
Commercial facilities with a total floor area of 110,000 square meters and office facilities with 31 floors above ground and a total floor area of approximately 200,000 square meters with views of the Han River will also be constructed.
The total project cost is approximately 3.3 trillion won as of 2025, and all facilities will be funded entirely through private investment.
A portion of the project's profits will be shared with the Seoul Metropolitan Government in the form of redemption payments and excess profits. The city plans to use these funds to create a foundation for reinvestment in balanced development projects across Seoul.
The Seoul Metropolitan Government explained that despite rising construction costs, high interest rates, and a stagnant PF market, it held over 160 rounds of negotiations with the private operator over approximately four years to finalize an agreement that secures both project viability and public interest.
The city proposed institutional improvements to the government to ease the burden of construction costs, and in October 2024, the Ministry of Economy and Finance amended the basic plan for private investment projects to create a special provision allowing up to 4.4 percent of the amount to be reflected in the total project cost.
Kang Seok, head of the Seoul Metropolitan Government's Balanced Development Headquarters, stated, "With the passage of the Private Investment Project Review Committee, the project to transform the Jamsil Sports Complex area into a cutting-edge sports and cultural landmark is now in full swing," adding, "We will swiftly proceed with the follow-up steps to ensure the project is completed without any setbacks."
(Photo: Provided by Seoul Metropolitan Government, Yonhap News)
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