Seoul signs deal to build 30,000-seat domed baseball stadium in Jamsil

A rendering of the Jamsil Sports and MICE Complex private investment project. [Provided by Seoul Metropolitan Government]

Seoul's plan to build a major sports and convention complex in Jamsil has moved into full swing after the city signed a concession agreement for the project.

The Seoul Metropolitan Government announced Monday that it had signed a concession agreement with Seoul Smart MICE Park Co. (tentative name), led by Hanwha's construction division, for the Jamsil Sports and MICE Complex private investment project. A concession agreement is a contract with the project operator of a private investment project that sets out the terms and conditions for its implementation.

The Jamsil project will transform roughly 290,000 square meters around Jamsil Sports Complex into a mixed-use hub integrating sports, MICE (meetings, incentives, conferences and exhibitions), accommodation, retail and office functions. The development will feature a large-scale MICE facility 2.5 times the size of COEX and a 30,000-seat domed baseball stadium, forming an advanced sports and cultural landmark. Completion is targeted for 2032.

The project has faced headwinds since the preferred bidder was selected in 2021, with high interest rates and a sluggish project financing market complicating progress. The city held 160 rounds of negotiations with the preferred bidder and maintained ongoing consultations with the central government to improve project conditions. At a press briefing on the project held in March, Seoul Mayor Oh Se-hoon said the structure was one "where the private sector invests the full amount without fiscal support and shares a portion of the profits with Seoul," adding that "it is also meaningful in that Seoul and the central government cooperated under the difficult circumstances of soaring construction costs and a contracting project financing market to introduce institutional improvements and special provisions."

At the heart of the project is Seoul's largest exhibition (89,000 square meters) and convention (19,000 square meters) facility — 2.5 times the size of COEX — which is expected to drive the city's global competitiveness. The exhibition hall will be arranged in a two-level structure comprising nine halls in total. The upper hall will adopt a column-free design to maximize usable space, while the lower hall will be built to withstand heavy loads.

The domed baseball stadium will serve as the home ground for LG Group and Doosan baseball clubs during the professional baseball season. The stadium will be connected to a four-star business hotel, allowing guests in select rooms and lounges to watch games from their accommodations.

An 11,000-seat sports complex capable of hosting international basketball events will serve as the home arena for the SK Group and Samsung basketball clubs.

A total of 841 accommodation units will be developed in connection with the exhibition and convention center, sports facilities and office buildings. The lodging lineup includes a five-star hotel (288 rooms) linked to the convention center, a four-star business hotel (306 rooms) tied to the domed stadium, and a four-star workcation-style residence hotel (247 rooms) connected to the office complex.

A commercial facility spanning 110,000 square meters will be developed as a cultural and leisure space linked to the riverside parks along the Tancheon and Han River. A prime office tower of 31 above-ground floors with a total floor area of roughly 200,000 square meters, offering views of the Han River, will also be built.

Public spaces including parks, plazas and waterfront areas will also be expanded. A large pedestrian axis running from COEX through the Jamsil MICE complex to the Han River, a MICE forest path and a sports complex skywalk are all planned.

The total project cost is 2.7 trillion won ($1.84 billion). Unlike conventional private investment projects, the entire cost will be funded through private investment with no fiscal support in the form of construction or operating subsidies. A portion of project revenues will be shared with the city through profit-sharing and excess-profit arrangements. The project is expected to generate economic ripple effects worth around 595 trillion won and create approximately 2.42 million jobs.

Kang Seok, head of the Seoul Metropolitan Government's Balanced Development Bureau, said the Jamsil Sports and MICE Complex project — which the city had been preparing through countless discussions and consultations since it began envisioning the city's future around the Han River in 2007 — had now entered full implementation with the signing of the concession agreement. "We will develop Jamsil into a new growth hub for Seoul where sports, MICE, culture and nature coexist, and use it as the foundation for making Seoul a top-three global city," he said.

cook@heraldcorp.com