Seoul to Transform Jamsil Complex into Landmark MICE and Dome Stadium Hub

The area around Jamsil Sports Complex is set to be reborn as a new landmark named "Seoul Sports MICE Park," featuring MICE (meetings, incentives, conventions, and exhibitions) facilities 2.5 times the size of COEX and a 30,000-seat dome baseball stadium.

The Seoul Metropolitan Government announced today (July 29) that it has signed a concession agreement for the Jamsil Sports and MICE Complex private investment project with Seoul Smart MICE Park (tentative name), the preferred bidder for the project.

The lead company of Seoul Smart MICE Park is Hanwha.

A concession agreement is a contract signed between a private investment project implementer and the public sector regarding project terms, putting the project on track with this signing.

The target completion year is 2032.

Since selecting its preferred bidder in 2021, the project has faced difficulties over the past four years due to high interest rates, a sluggish project financing (PF) market, and soaring construction costs.

After a total of 160 intense negotiations with the preferred bidder, the city reached the concession agreement.

During this process, the city requested government institutional improvements to ease the burden of construction costs, and the Ministry of Economy and Finance revised the basic plan for private investment projects in October 2024 to establish a special provision allowing up to 4.4% of the amount to be reflected in the total project cost.

The total project cost stands at 2.6955 trillion won, to be promoted entirely through private investment without public financial support (construction and operation subsidies), while a portion of the profits will be shared with the city as recovery funds and excess profits.

The city plans to turn this into a fund and reinvest it in balanced development across all of Seoul.

The city expects the economic ripple effect to reach approximately 595 trillion won, alongside the creation of about 2.42 million jobs.

It is projected that the Jamsil area will leap forward as a core base enhancing Seoul's global competitiveness.

Through this project, Seoul's largest exhibition facilities (89,000 square meters), convention facilities (19,000 square meters), and a linked 288-room five-star hotel will be established in the Jamsil area.

Additionally, a dome baseball stadium to be utilized as the home ground for professional baseball teams LG Twins and Doosan Bears will be built, alongside a linked 206-room four-star business hotel offering views of baseball games from select rooms and lounges.

An 11,000-seat sports complex capable of hosting international basketball games will be built and used as the home stadium for professional basketball teams Samsung Thunders and SK Knights.

A 247-room four-star residence hotel will also be constructed.

Commercial facilities will span a gross floor area of 110,000 square meters, designed as cultural and leisure spaces connecting to the Tancheon and Hangang waterside parks.

Prime offices with a gross floor area of approximately 200,000 meters and 31 stories above ground, offering views of the Han River, will be erected to strengthen core functions for international business and the MICE industry.

Furthermore, the city plans to create a pedestrian axis stretching from COEX through the Jamsil MICE complex to the Han River, alongside forest paths, Olympic Plaza, a hotel observatory, a sports complex skywalk, and waterside fountains for all citizens to enjoy.

Kang Seok, head of Seoul's Balanced Development Headquarters, said, "With this concession agreement as a turning point, the project has entered the execution stage," adding, "We will develop Jamsil into a new growth hub in Seoul where sports, MICE, culture, and nature coexist, laying the foundation for a 'G3 City Seoul.'"

(Photo: Provided by Seoul Metropolitan Government, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.