A 77-story mixed-use facility will be built on the Samhyo Ready-Mix site in Seongdong-gu, Seoul. The public contribution is 605.4 billion won, which is planned to be used for alleviating chronic traffic congestion in the Seoul Forest area and creating a "unicorn startup hub" facility.
The Seoul Metropolitan Government completed the preliminary negotiation procedure for changing the urban plan for the Samhyo Ready-Mix site, which began in December 2023, and officially notified the private sector of the completion of negotiations on the 19th.
The site was operated as a ready-mix factory for about 45 years since 1977, and in 2017, through a business agreement between the Seoul Metropolitan Government, Seongdong-gu, Samhyo Industries, and Hyundai Steel, it was agreed to demolish the existing facility. Since the demolition was completed in August 2022, Seongdong-gu has been temporarily utilizing the site for cultural performance venues.
According to the preliminary negotiations, the Samhyo Ready-Mix site will be developed into a mixed-use facility with a total floor area of 447,913 square meters, including office, accommodation, culture and assembly, and retail facilities, with 77 above-ground floors. To facilitate this, the land use designation was upgraded from first-class general residential area to general commercial area.
The site was designated as a special construction area last August, which allows for additional relaxation of the floor area ratio up to a maximum of 105.6 percentage points.
The design was undertaken by Skidmore, Owings & Merrill (S.O.M), which won the international competition in 2023 and has designed famous buildings such as the Burj Khalifa in Dubai and the 63 Building. S.O.M proposed an integrated design plan that organically connects with the adjacent Seoul Forest while offering unique architectural design.
Plans include creating a covering park and underground pedestrian passage connecting Seoul Forest and the Samhyo Ready-Mix site, and opening green spaces located on the lower floors of the building and an observation deck on the top floor to the public, transforming it into a new landmark where citizens can view the Han River and Seoul Forest.
The 605.4 billion won public contribution secured through this preliminary negotiation will be used for expanding infrastructure to alleviate chronic traffic congestion in the Seoul Forest area and creating facilities such as the "unicorn startup hub." Of the secured amount, 442.4 billion won (73.1%) will be invested in expanding infrastructure in adjacent areas, such as the new ramp at the northern end of the Seongsu Bridge and along the Eastern Highway to the Gangbyeon Expressway.
The "unicorn startup hub," with a total floor area of 53,000 square meters, will be established as a specialized startup facility supporting the rapid growth (scale-up) of promising startups. 162.9 billion won will be allocated for installation expenses, which will be used for comprehensive reorganization through renovations in the Seoul Forest area. According to relevant laws and regulations, approximately 48.9 billion won will be allocated to the autonomous district and approximately 114 billion won to the Seoul Metropolitan Government.
The completed preliminary negotiation will be further refined through legal procedures such as the establishment of a detailed district plan. Construction is targeted to commence as early as 2026, pending deliberation and permits from the Architectural Review Committee for private projects.