US developer Hines on Tuesday announced plans to build and operate a 74-storey mixed-use complex in South Korea’s second-largest city of Busan.
Dubbed the Global Quantum Complex, the $1 billion project will house the nation’s first quantum computing R&D hub, as well as next-generation offices and space for education, retail and residential offerings, Hines said in a release.
The development in Busan’s Haeun-dae district will span more than 180,000 square metres (1.9 million square feet) and stand as one of South Korea’s five tallest towers upon completion, said Hines, whose other projects in the country include two cold chain warehouses.
“South Korea is an important growth market for Hines, and we are looking forward to partnering with the city of Busan as we continue to expand our business to innovative new sectors like quantum computing,” said Ray Lawler, chief executive for Asia Pacific at Hines. “As more global companies increase their interest and demand for it, they will now be able to look to Busan and this mixed-use development as their next location for the future.”
‘Vertical City’ to Rise
Architecture firm Skidmore, Owings & Merrill is designing a “vertical city” that promises a state-of-the art research facility, the highest-quality office space in the market and amenities catering to global and domestic corporations and residents.
Hines Asia Pacific CEO Ray Lawler
Hines said the Global Quantum Complex is expected to generate $3.6 billion in economic value and create 18,000 jobs in and around Busan, a major port city on the country’s southeastern coast with a metro population exceeding 7 million.
“As South Korea’s second-largest city, Busan is an important hub for business, R&D, logistics, trading and global shipping so we are confident that this mixed-use project will help to make the community more vibrant and make progress towards the city’s goal of being a global business hub centred around quantum computing,” said Harry Lee, managing director and country head of South Korea at Hines.
Construction of the Global Quantum Complex will begin in 2024 and conclude in 2027, with the finished structure incorporating sustainability features to comply with South Korea’s 2030 carbon reduction goals, according to Hines.
Placemaking Potential
In tackling its largest Korean project to date, Houston-based Hines is playing to its strengths, said Drew Huffman, managing director of Korea and Japan.
Officials from Hines and the Busan city government announcing the project at Busan City Townhall on Tuesday (Hines)
“This project is where Hines excels, as it is a true demonstration of placemaking mixed with a prime high-rise development,” Huffman said. “With multiple functions of real estate in a single site such as office, R&D, retail and residential, this ‘vertical city’ will set the highest standards for mixed-use projects in Busan.”
The past two years have seen Hines expand its presence in South Korea after opening a capital markets office in Seoul in 2013 and an investment and development office in 2021.
In addition to its cold chain projects in Anseong and Hwaseong, plus a third logistics development in Incheon, Hines last year acquired the West Gate Tower in Seoul’s northwestern Seodaemun district, reportedly for KRW 228 billion (now $180 million).
Founded in 1957, privately held Hines operates in 28 countries and manages a $92.3 billion portfolio of assets across residential, logistics, retail, office and mixed-use strategies.
