The redevelopment project of the Suyeong Bay Yacht Stadium, which hosted the 1986 Seoul Asian Games and the 1988 Seoul Olympics, is being actively pursued. It has been 17 years since Hyundai Industrial Development challenged the redevelopment of the Suyeong Bay Yacht Stadium.
According to Hyundai Industrial Development on the 18th, the board of directors for the company approved the proposal for the private investment project for the redevelopment of Suyeong Bay Yacht Stadium during a meeting on the 16th.
Suyeong Bay Yacht Stadium was established in Haeundae District, Busan, to conduct yacht competitions during the 1986 Asian Games.
After about 40 years, the newly remodeled Suyeong Bay Yacht Stadium will feature yacht mooring facilities, a swimming pool, a yacht club building, convention and commercial facilities on a site of 234,693 square meters. The size of the mooring area will increase from 438 vessels (299 sea, 139 land) to 567 vessels (317 sea, 250 land). Hyundai Industrial Development is expected to invest 158.4 billion won in this redevelopment project.
Hyundai Industrial Development has officially begun work on the redevelopment project of Suyeong Bay Yacht Stadium after 17 years. In 2008, Hyundai Industrial Development proposed a project to redevelop the Suyeong Bay Yacht Stadium to the city of Busan. In 2014, the city designated Hyundai Industrial Development as the private operator. Hyundai Industrial Development sought to push this project through I-Park Marina but encountered opposition from nearby residents due to concerns about obstructing views. In 2016, the city of Busan terminated the implementation agreement with I-Park Marina based on a decision that a hotel could not be built near schools.
I-Park Marina filed an administrative lawsuit against the city of Busan in 2018 and won the final ruling. In October 2023, I-Park Marina submitted a proposal for changes to the implementation agreement to the city of Busan. The proposal underwent review by the city's private investment project review committee in December of last year. In January of this year, the city of Busan signed a revised implementation agreement with I-Park Marina.
The city of Busan and I-Park Marina expect construction to be completed by the end of next year. Upon completion of the Suyeong Bay Yacht Stadium redevelopment project, I-Park Marina plans to operate the facilities for 30 years before transferring ownership to the city of Busan.
A representative from Hyundai Industrial Development said, "We are in the stage of discussing and reviewing the construction schedule."