NSC Fact Sheet -- NSC Project History -- Investment Interest
The Gale Company (as Master Plan developer and marketing agent) and POSCO E&C the 2nd largest steel manufacturer in the world (as construction manager) have taken on the mammoth responsibility of developing one of the world's largest urban centers from the ground up. New Songdo City is a massive public and private sector project focused on free trade and international business. The mixed-use City will be built on South Korea's northwest tip on the Yellow Sea. This project is the first-ever U.S.-South Korean real estate joint venture, and ranks as the largest international real estate investment in South Korea's history.
This new partnership, called NSC, will be responsible for developing 1,376 acres of reclaimed land on the waterfront. At a cost in excess of $20 billion, New Songdo City will be built in multiple phases over a 10 year period. When complete, the City will tout the following amenities:
- 30 million square feet of residential space
- 40 million square feet of office space
- 10 million square feet of retail space
- 5 million square feet of hotel space
- 30 million square feet of garage space
- 10 million square feet of public space
Currently the $1.235 billion Convention Center Complex (Phase I) of this project has been approved by the City and is in the design development stage, with architect Kohn Pedersen Fox Associates PC.
|