Seoul, South Korea
This proposal is for the development and leasing for 50 years of the land on which to build a “for profit” visitor attraction (Aquarium) adjacent to Kyungbok Palace, Gwanghwamun, Seoul, South Korea.
By capitalizing on the shortage of bus parking in the immediate location, it is proposed via Private Investment to convert this underutilized public land into an investment opportunity for the Private Investor, and to add considerable primary advantage to the public with the creation of bus and general public parking.
Secondary advantages for the public, which make it a compelling case for approval by the Seoul City Council, are:
- Foreign investment in South Korea.
- Job creation.
- Tourism attractions enhancement.
- Stimulation of regional economy.
- The site is the premier site for a tourism facility in South Korea.
Aquariums have already gained a foothold in the public’s awareness in South Korea, with three very successful projects already completed in South Korea; one in Pusan and two in Seoul City. Pusan Aquarium provides a Return on Investment in excess of 25%.
Seoul City, with a population in excess of 18,000,000 people, can easily sustain more than two aquariums, and the Gwanghwamun Aquarium site is far superior to the locations of the other two Seoul Aquariums. Tokyo has 7 very successful Aquariums, and its population is similar to that of Seoul.
South Korea is a very stable and highly developed country, with a very high disposable income per capital.
It is proposed to form an SPV to develop this Aquarium. The SPV will consist of a Private Investor, Aquamarine, and local Korean investors.
All Key development components have been identified and solutions developed:
- Design by Aquamarine with Korean Consultants (Architects and Engineers).
- General Construction by Korean Construction Company.
- Special Construction by the Aquamarine and joint venture partner.
- Construction Supervision by Aquamarine and local consultants.
- Commissioning and Operations Management by Aquamarine and joint venture partner.
This entire development can be open to the public within 18 months from ground breaking.
The lead time (documentation) between confirmed investment and City approval and ground breaking is estimated at 6 months.
The entrance building is designed to be a lightweight glass structure reminiscent of a Traditional Korean Hat. The vortex style façade enables light to penetrate the lower floor levels of the aquarium.
The Aquarium comprises of 15 main Exhibition zones ranging from the Rainforest to the Ocean’s Abyss. Aquamarine also proposes an event facility within the Aquarium space. The Aquarium space is spread over a mezzanine entrance floor and Main Tank Floor.