Gyeonggi-do Province "K-Culture Valley Resumes to Private and Public Development in parallel"

The "K-Culture Valley Project," which was suspended due to the cancellation of the agreement with private operators, will resume in a way that combines private and public development for each site.

Kim Sung-joong, the first vice governor of Gyeonggi-do Province, held a press conference in the briefing room of the provincial government today (21st) and announced the "K-Culture Valley Project Promotion Plan."

According to the plan, 158,000 square meters of T2 (theme park 2) site, including Arena, will be re-constructed within this year and will be developed by the private sector with the goal of completing it by 2028.

To this end, we will launch a public offering of private companies in early April and ease public offering guidelines such as raising the floor area ratio and building ratio and long-term lease of structures as much as possible to increase the possibility of private business participation.

The Arena, a 42,000-seat K-pop venue specializing in indoor and outdoor venues, opened its first shovel in 2021, but construction was suspended in April 2023 at a 17% process rate due to the COVID-19 outbreak and worsening construction business.

The remaining three sites (48% of the total site) of 144,000 square meters (48% of the total site) will be organized by the Gyeonggi Housing and Urban Innovation Corporation (GH), including 79,000 square meters of T1 (theme park 1) site, 23,000 square meters of A (accommodation facility) site, and 42,000 square meters of C (commercial site).

If it is difficult to contest the T2 site developed by the private sector, the site will also be developed under the leadership of GH.We will improve investment conditions for domestic and foreign companies by designating the K-Culture Valley area as a free economic zone, Vice Governor Kim
said. "We will do our best to make K-Culture Valley a global cultural hub."

K-Culture Valley is a project to create a K-pop arena, studio, theme park, commercial, accommodation, and tourism facilities on 300,000 square meters of land in Janghang-dong, Ilsan-dong-gu, Goyang-si.The

provincial government lifted the "K-Culture Valley Business Basic Agreement" signed in May 2016 on June 28 last year and sought a new business direction as it judged that CJ Live City, the implementer, had no intention of pursuing the project with an overall process rate of only 3%.

CJLiveCity decided to cooperate in normalizing its business by returning commercial land to Gyeonggi Province and donating Arena architecture in September last year.

The province explained that CJ Live City can also participate in the T2 site developer contest, including Arena.