Umi Construction to Build Champions City... Redevelopment of Former Jeonbang Site Restarts

First Phase: 3,216 Units, Construction to Begin in September, Sales Planned for Second Half of Year
Second Phase: 1,000 Units, Contractor Selection Next Year, Construction to Start in Second Half

Umi Construction has been selected as the contractor for 'Champions City,' the redevelopment project on the former Jeonbang and Ilsin Textile sites in Gwangju. Attention is focused on whether the project, which had stalled due to repeated failures to select a contractor, will regain momentum.

According to Champions City Complex Development PFV, the developer, on May 29, Umi Construction has been chosen as the contractor for the first phase of the Champions City project.

PFV has decided to change the project structure so that its shareholders, Shinyoung and Umi Construction, will directly participate in the project. Shinyoung will act as the asset management company (AMC), while Umi Construction will be responsible for construction.

Aerial perspective of the development site of Jeonbang and Ilsin Textile in Gwangju.

The developer believes that shifting from outsourcing construction to an external company to a structure where shareholders participate directly will enhance the stability of project management and execution.

The Champions City project has struggled to secure a contractor. Last September, POSCO E&C and Daewoo E&C, which had been selected as preferred bidders, gave up their construction rights due to contract condition issues, resulting in project delays.

An official from the developer stated, "Given the rise in construction costs and the contraction of the project financing (PF) market, we reviewed the project conditions and selected Umi Construction as the contractor."

Champions City is a large-scale mixed-use development on the former Jeonbang and Ilsin Textile sites in Im-dong, Buk-gu, Gwangju, covering 298,000 square meters. The project will create 4,315 residential units, office and commercial facilities, a luxury hotel, and a historical park.

Hyundai Department Store Group is building The Hyundai Gwangju, a mixed-use shopping mall, on this site, while PFV is in charge of the residential-commercial complex development. Construction for The Hyundai Gwangju began in November last year and aims to open in 2029.

The first phase of Champions City, which will be constructed by Umi Construction, consists of 12 buildings with three basement levels and 49 above-ground floors, totaling 3,216 units. Construction is scheduled to begin in September this year, with sales to take place in the second half of the year.

The second phase, which will include about 1,000 units, plans to select a contractor next year and begin construction in the second half of the year.

Once the project is underway, public contribution payments to Gwangju City will also be made in stages. Champions City has agreed to pay a portion of the development profits, approximately 590 billion won, as public contributions to Gwangju City in installments, in return for land use changes and development. Gwangju City plans to use these funds to improve surrounding transportation infrastructure and other purposes.

This content was produced with the assistance of AI translation services.