Seoul envisions its own Hudson Yards in the city's east end

Seoul, the capital of South Korea for more than six centuries since the Joseon dynasty, is poised to revamp its city planning for the next century with grandiose urban redevelopment projects, including its own version of Hudson Yards on the east end of the city.

According to sources in the real estate development industry on Thursday, the Seoul Metropolitan Government and Shinsegae Dongseoul PFV have agreed to come up with a redevelopment plan for Dong Seoul Terminal, a 36-year-old city bus terminal in eastern Seoul, before the end of this month.

Shinsegae Dongseoul PFV is the city’s private partner of the terminal's redevelopment.

The Seoul city government’s plan is to rebuild the old bus terminal into the city’s new landmark that contains not only a bus terminal but also commercial and cultural spaces like Hudson Yards in New York, according to the sources.

Seoul City Mayor Oh Se-hoon announced during his business trip to Hudson Yards on Tuesday that the city government would kick off a “grand project” to revamp the capital city for the next 100 years, starting with the reconstruction of Dong Seoul Terminal on the north bank of the Han River on the east end of Seoul.

Under the city’s plan, the outdated bus terminal will be redeveloped into a 40-story skyscraper with a bus terminal in the basement, as well as shopping and eatery areas and cultural centers on the ground and upper floors.

It is also expected to offer various observation decks, where its visitors can enjoy Seoul’s panoramic views, and office spaces.

“We will add many common areas for the public inside the (new Dong Seoul Terminal) building surrounded by green areas,” said Oh. “This (building design) concept will be applied to other redevelopments in Yongsan,” another old part in northern Seoul.

The building design of new Dong Seoul Terminal will resemble a sailing boat, which operated across the Han River in old-time Seoul, according to the Seoul city government.

HUDSON YARDS IN SEOUL

Hudson Yards New York opened its first phase in 2019, seven years after its groundbreaking.

This new neighborhood is now one of the popular districts in New York thanks to its supertall, modern real estate, a fancy subway station and a handful of daring attractions, such as a one-million-square-foot retail center, mouthwatering restaurants, The Shed cultural performance venue as well as Vessel, an iconic giant, metal beehive.

It spans about 110,000 square acres and cost about $25 billion to build.

The Seoul government also references New York’s other multi-billion dollar project, which will redevelop the Port Authority Bus Terminal in Manhattan, known to be the world’s busiest bus terminal by traffic volume.

This 72-year-old terminal is expected to be transformed into a new transportation and economic hub that includes not only a modern bus terminal but also new towers for living and working by 2033.

Seoul city aims to break ground on the new Dong Seoul Terminal building in 2025 and complete its construction by 2028.

Write to You-Jung Lee and Jin-Woo Park at yjlee@hankyung.com

Sookyung Seo edited this article.