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The dream has become a reality for Songdo International Business District, the 100M SF master-planned city built from the ground up in Incheon, South Korea. To find the latest, our NY reporter Amanda Marsh sat down with Stan Gale, the chairman of New York-based Gale International, which is developing the city along with Korea-based POSCO E&C.
Bisnow: How is growth shaping up at Songdo IBD?
Stan: More than 16,000 people now live and 25,000 work there each day. The first phase-37M SF of office, residential, retail, and civic space-is completed. The transportation systems are running, and the stunning 7.4-mile Incheon Bridge to Incheon International Airport has been open for 18 months. The 68-story North East Asian Trade Tower, which will be Korea's tallest building, is scheduled for completion in Q2 or Q3 '11. Also, more than 5,000 residential units are scheduled to go to market in the next 12 to 18 months. Demand is very strong and will support this new inventory. Our biggest challenge is filling the commercial space. We expect that ‘11 will bring significant growth.
Bisnow: What kind of opportunities do you see in Asia?
Stan: All manner and configurations of multinational partnerships. There is a keen interest among multiple business sectors to use Songdo IDB as a prime location to conduct business in Northeast Asia and a viable proving ground for new technologies. For example, we have been working closely with Cisco to craft a city-scale information and communication technology deployment. The products and solutions that we innovate, integrate, and implement in Songdo will ultimately be exported to other developments around the globe.
Bisnow: What lessons could American developers learn from Songdo?
Stan: The last 24 months put before us numerous challenges, but we stayed the course. POSCO E&C shares our resolve, as do our investor partners. We have learned to consistently rely on the acumen of a strong local partner, and the commitment we have seen from POSCO E&C has been unwavering and invaluable.
Bisnow: What else is Gale International working on?
Stan: We are keenly focused on attracting investors and occupiers to Songdo IBD. We have seen strong investment interest from other Asian markets; US-based investors will follow suit. It is also clear that the world is gauging the success in Songdo as the bellwether for future city-scale development. Many international delegations have visited Songdo.
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