The development project 'The Parkside Seoul' at the site of the United Nations Command (UNC) in Itaewon-dong, Yongsan-gu, Seoul, is set to establish a premium retail environment.
Eleven Construction, which is promoting 'The Parkside Seoul', announced on the 1st that it has signed a memorandum of understanding (MOU) with Shinsegae to begin the creation of a premium retail space.
According to this agreement, Shinsegae Department Store will develop a commercial facility covering a total area of 16,470 square meters (exclusive area) from the basement level 1 to the 4th floor within 'The Parkside Seoul' complex under a full business partnership.
The space configuration will be diversified with high-end food and beverage (F&B), premium lifestyle brands, cultural content, and international galleries, and is expected to be presented as a new premium retail brand featuring the Shinsegae brand.
This memorandum of understanding is significant as it indicates that Shinsegae Department Store will directly plan and develop the entire commercial facility within the domestic high-end complex. This is evaluated as the first attempt to establish retail within the complex not merely as a convenience facility, but as a core value of luxury living, and it is expected to become a leading model of 'urban premium retail.'
'The Parkside Seoul' is a mixed-use development (MXD) project consisting of 11 buildings, from 7 underground floors to 20 above ground, being developed in the site of the United Nations Command (UNC) in Itaewon-dong, Yongsan-gu, where residential, hotel, retail, cultural, and office spaces are organically consolidated.
'The Parkside Seoul' will feature the world-renowned hotel brand Rosewood Hotels & Resorts making its first entry into the domestic market, with 'Rosewood Seoul' slated to open in 2027. Additionally, leading design, landscaping, and lighting groups such as KPF, Conran and Partners, JCFO, Space Copenhagen, and Dot Dash will all come together to create the entire complex as a single work of art.
An official from Eleven Construction noted, "The strategic collaboration with Shinsegae symbolizes that 'The Parkside Seoul' is a project that embodies a global standard of lifestyle beyond the heart of Seoul," adding that "the retail space will serve as an anchor that drives urban daily life and culture, transcending mere commercial facilities."