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Songdo Interna,onal Business District – Future City Version 1.0 Jonathan Thorpe, Senior Execu3ve Vice President, Gale Interna3onal
June 30, 2011
Imagine a city…
The vision is being realized…
Hub of Northeast Asia – Flight Times
Strategic Access to Bridges & Roads Strategic Loca,on – ICN & Seoul Area
Office Space 40 M SF
Residential 35 M SF
Retail 10 M SF
Hotel 5 M SF
Civic Space 10 M SF
MASTER PLAN
• $35 B, 100 M SF development
• World-‐class interna3onal city
• 1,500 acres; reclaimed waterfront
• 40% open space including a 100-‐acre “Central Park”
• LEED-‐ND pilot program; LEED cer3fica3on for individual buildings
• Approximately 40% completed or construc3on underway
Office Space 40 M SF
Residen3al 35 M SF
Retail 10 M SF
Hotel/Leisure 5 M SF
Civic/Other 10 M SF
Songdo IBD Land 2004
Songdo IBD Today
• 25,000 jobs created
• USD $12 billion invested
• 18,000 residents
• 37 million SF (approximately 40%) completed or under construc3on
Songdo IBD Today
• “Loca3on, Loca3on, Loca3on” – we are crea%ng the loca3on
• Developer creates quality of life
• Government develops infrastructure and regulatory benefits
• Proper loca3on, design and regulatory environment create real value
• Importance of sustainable design – a 3pping point for social and economic value
Educa,on
Retail
Residen,al
Entertainment
Culture
Commerce
City of Synergy: Master Plan
Users & Occupiers Commercial & Residen3al
Consultants A/E & Other Service
Providers
Local Government Incheon City/IFEZA
Korean Central Government
Developer NSIC -‐ Gale Intl. plus Posco E&C
Financial Investors Debt & Equity
“It Takes A Village” To Build A City
A unique public/private sector development, Songdo IBD enjoys the sponsorship and founda3onal funding from the municipal government and the entrepreneurial growth opportunity delivered by engaged and mo3vated private sector partners.
The leading experts in design, engineering, construc3on and finance have joined forces to create a city-‐scale development that delivers on its promise of an unparalleled quality of life.
Global Partners Songdo IBD Global Partners
• Songdo IBD is part of the LEED-‐ND (Neighborhood Development) Pilot Program
• The LEED-‐ND program emphasizes neighborhood connec3vity, access to transit, energy efficiency in building design, efficient infrastructure design and the provision of open space and habitat for residents of all kinds
• Goal for all residen3al and commercial buildings developed by NSIC to be LEED-‐cer3fed
• Reduce opera3ng and maintenance costs
• Increase worker produc3vity and improve quality of life for residents and workers
• Enhance brand image and increase value
Open Space Water Usage
Energy Consump,on Recycling
Sustainable Development
Transporta,on Opera,ons
LEED Areas of Focus
Korean Government Commitments
• Crea3on (reclama3on) of land; enactment of zoning and master plan approvals
• Free Economic Zone (FEZ), with regulatory benefits and economic/ development inducements available
• Tax benefits for foreign-‐invested companies
• USD $10B in infrastructure including Incheon Interna3onal Airport (ICN)
• Incheon Airport Bridge
• Regional highway improvements
• Subway connec3on into metropolitan Incheon and Seoul subway systems
• U3li3es, including “green” compliant water and sewer systems, advanced ICT
INNOVATION & SUSTAINABLE DESIGN STRATEGIES
PUBLIC-‐PRIVATE PARTNERSHIPS
SUCCESS OR FAILURE TO MEET EXPECTATIONS
ECONOMIC OUTLOOK
EXECUTION – THE “SOUL” OF SONGDO IBD
Lessons Learned – Future Challenges
Thanks, and we hope to see you soon in Songdo…