Songdo International Business District (IBD) officially opens on August 7, 2009 as a designated Free Economic Zone and the first new sustainable city in the world designed to be an international business district. Songdo IBD hopes to position South Korea as the commercial epicenter of Northeast Asia, attracting multinational and domestic corporations to this new location. The core components of the city, including Central Park, the International Preparatory School, the Convensia Convention Center Hotel, thousands of residential units and a large portion of the retail offerings, will be part of this Phase 1 unveiling according to a CPN article.
Songdo IBD is being developed on 1,500 acres of reclaimed land in South Korea along Incheon's waterfront, 40 miles from Seoul and just 7 miles from Incheon International Airport. Designed by Kohn Pedersen Fox and developed by Gale International and Korea's POSCO E&C, the 100 million square foot master plan includes commercial office space, residences, retail shops, hotels as well as civic and cultural facilities.
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