A large mixed-use development to build a 30,000-seat domed baseball stadium and an exhibition and convention complex 2.5 times the size of Coex on the site around Jamsil Sports Complex in Seoul has cleared the government's investment review.
Seoul city said on the 16th that the "designation of project operator and implementation agreement plan for the Jamsil sports and MICE mixed-use space creation private investment project" passed the Private Investment Project Review Committee of the Ministry of Planning and Budget.
With the committee's approval, the project has completed final verification of feasibility, public interest, and financial structure, establishing a legal basis to proceed with follow-up steps such as signing the implementation agreement and approving the implementation plan.
Seoul city plans to sign the implementation agreement this month, secure private project financing (PF), break ground in the second half of this year, and aim for completion in 2032.
The project will create a sports and cultural hub on about 290,000 square meters around Jamsil Sports Complex, including an exhibition hall (89,000 square meters) and convention facility (19,000 square meters) 2.5 times the size of Coex, a 30,000-seat domed baseball stadium, and a 11,000-seat sports complex.
To allow lodging, shopping, and tourism in one place, the plan also includes a hotel with 841 rooms and commercial facilities with a total floor area of 110,000 square meters. The lodging facilities will total 841 rooms, including a 5-star hotel with 288 rooms, a business hotel with 306 rooms, and a residence hotel with 247 rooms. Commercial space with a total floor area of 110,000 square meters and an office building with 31 above-ground floors overlooking the Han River and a total floor area of about 200,000 square meters will also be built.
Based on 2025 figures, the total project cost is about 3.3 trillion won, and all facilities will be built entirely with private investment. Part of the project revenue will be shared with Seoul city as recovered funds and excess profits, and the city will create a fund to reinvest across Seoul in balanced development projects.
Kang Seok, head of Seoul city's Balanced Development Headquarters, said, "With the Private Investment Project Review Committee's approval, the project to transform the Jamsil Sports Complex area into a cutting-edge sports and cultural landmark is moving into full swing," and added, "We will expedite the follow-up procedures to ensure smooth progress through completion."