Busan's Suyeong Bay Yacht Marina will be redeveloped for the first time in 40 years.
The Busan city government said on the 24th it will hold a groundbreaking ceremony for the "Suyeong Bay Yacht Marina Redevelopment Private Investment Project" at the Suyeong Bay Yacht Marina in Haeundae District.
The Suyeong Bay Yacht Marina was built to serve as the yacht venue for the 1986 Asian Games and the 1988 Seoul Olympics. Afterward, the Busan city government pushed for redevelopment starting with a private investment proposal in 2008, selected a project operator in 2014, and signed an agreement. However, after more than 10 years adrift through administrative procedures, consultations, and legal issues, construction is now beginning.
The total redevelopment cost is 158.4 billion won (2008 constant prices), and I'Park Marina will carry out the project.
The Busan city government plans to create a world-class marine leisure (marina) facility and a marine culture complex space that both residents and tourists can enjoy. The redevelopment zone will include ▲567 state-of-the-art berths (317 at sea and 250 on land) ▲a yacht exhibition hall ▲a yacht clubhouse ▲mixed-use cultural and commercial facilities ▲a waterfront public space.
The Busan city government plans to complete the Suyeong Bay Yacht Marina redevelopment by the end of 2027.
Park Heong-joon, the Busan mayor, said, "We will do our best to push the project forward so the Suyeong Bay Yacht Marina further elevates Busan's standing in tourism and marine leisure."