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Busan Yachting Center Breaks Ground Today: Transforming into a Marine Culture Complex for All

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold a groundbreaking ceremony for the Busan Yachting Center Redevelopment Private Investment Project at 11:00 a.m. today (24th) at the Busan Yachting Center located in U-dong, Haeundae-gu.

This groundbreaking marks the beginning of the first comprehensive redevelopment of the Busan Yachting Center in 40 years and represents a meaningful milestone expected to propel Busan’s marine leisure industry to the next stage.

The Busan Yachting Center was built in 1986 to host the yacht events of the 1986 Asian Games and the 1988 Seoul Olympic Games.

The ceremony will proceed for approximately 40 minutes, including the national pledge, introduction of distinguished guests, a project presentation video, congratulatory remarks, and a commemorative ceremony.

About 200 participants are expected, including Mayor Park Heong-joon, Busan Metropolitan Council Chairperson Ahn Seong-min, National Assembly Member Joo Jin-woo, project operators, and other officials.

The Busan Yachting Center Redevelopment Private Investment Project began with a proposal submission for a private investment project in 2008 and has since moved forward as a long-term initiative, overcoming administrative procedures, consultations, and legal challenges.

Through continuous consultations and renewed efforts with the project operator, the city succeeded in normalizing the project, and with today’s groundbreaking, the redevelopment has finally entered full-scale implementation.

The redevelopment will be carried out with a total project cost of KRW 158.4 billion (in 2008 constant prices), with IPARK Marina Co., Ltd. as the project operator.

The redevelopment area will include 567 state-of-the-art berths (317 on water and 250 on land), a yacht exhibition hall, a yacht clubhouse, mixed-use cultural and commercial facilities, and waterfront public spaces.

Busan Metropolitan City aims to complete the project by the end of 2027. Through this redevelopment, the city plans to revitalize the local economy and create new jobs by establishing a world-class marine leisure (marina) facility and developing a marine cultural complex where both citizens and visitors can enjoy the waterfront.

In particular, the project is expected to strengthen Busan’s capacity to host international yacht competitions and serve as a forward base for the marine leisure industry, positioning the city as a global marine leisure hub.

Mayor Park Heong-joon is expected to say, “The new Busan Yachting Center will create jobs in the marine leisure tourism sector, invigorate nearby commercial districts, and generate positive economic ripple effects by linking with the MICE and exhibition industries. As an open marine cultural complex where citizens can fully enjoy the sea, it will further enhance Busan’s status in tourism and marine leisure, and we will make every effort to ensure smooth implementation of the project.”