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Incheon Airport parking lot changes like 'Las Vegas'

2022-06-13 by Money Today

The long-term parking lot of the Incheon International Airport terminal will

be developed into a large-size tourism and business complex.


The long-term parking lot of the Incheon International Airport terminal will be developed into a large-size tourism and business complex. Yongjong Island is expected to become the largest aviation, tourism, logistics, and entertainment complex in Northeast Asia. Paradise City and the Inspire Complex Resort are scheduled to operate next year. According to Incheon Airport on 12th October, the service for the construction of a landmark complex directly connected to the Incheon Airport passenger terminal on the 380,000 square meters of the site of the long-term parking lot of Terminal 1 (T1) is currently in the final stages. Last October, Incheon Airport request a development plan from a consortium of Cushman and the Samil Accounting Firm. Kim Kyung-wook, president of the Incheon Airport, told Money Today that "as part of the Airport Economic project, we are pursuing the project of a grand size landmark complex on the site of an existing long-term parking lot," and that "The detailed development plan will be finalized after consultation with the Ministry of Land." The final proposal, which is currently under review, is likely to develop into a grand landmark with the largest waterside park in the country and commercial facilities reminiscent of Las Vegas, USA. The total cost of the business is estimated to be around 2 trillion won. The main facilities include cultural and artistic exhibitions, retail, food and beverage (F&B), and business support facilities. In addition, we are examining not only airport-specific facilities linked to the airport's passenger terminals but also entertainment facilities based on K-content. Particularly, it also included urban air traffic (UAM) infrastructure that can be linked to Seoul's main areas and surrounding areas such as Yeongjong Island and Song Island. Incheon Airport has introduced take-off and landing areas (vertiports) to secure the initiative in the UAM field, attracting attention as a paradigm for the future airport. The existing long-term parking facility, which holds 20,000 vehicles, will be completely underground. Plan to establish the "Incheon Airport Economic Area" that connects the related industrial system beyond passenger and cargo transportation The plan to build a landmark complex is part of the construction of the "Incheon Airport Economic Area" being promoted by Incheon Airport 1st generation Airport was focusing on the existing passenger and cargo transportation, the 2nd generation airport that develops hotels and resorts in an area behind the airport, and 3rd generation airport that implements the ecosystem of airport-related industries such as aviation, tourism, logistics, and entertainment. Incheon Air Lines has been phasing out the project of building an airport economic project. In the second half of next year, the Yeongjongdo Inspire Complex Resort, which represents the Korean version of "Las Vegas," will open. It is a large-scale casino complex resort business run by American casino companies Morgan Gaming Entertainment (MGE) and Hanwha Group. It includes a 5-star express hotel, a foreign casino, an arena performance venue, a convention center, a luxury brand shopping mall, an indoor water pool, and a 70,000 m©˜ open-air themed space. The development of an art collection is also being pursued. To open in 2026, we are working on a detailed agreement with Arshexa, the preferred negotiator. An implementation agreement will be signed during the month and the design and construction will begin.

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