Real Estate Journal — ODM — Industry Leaders— December 22 - January 12, 2018 — 13B
M id A tlantic
I ndustry L eaders
Bringing 40-year track record of redeveloping waterfront cities to South Korea NJ’s Panepinto Props. signs MOU with Incheon Metropolitan City, Korea, to develop 2,235-acre site J
al Partners Company, Ltd (GCG), will oversee the ac- quisition, master planning, land sale, and development of GangHwa Medi-City, a large- scale development site located in the Incheon Free Economic Zone (IFEZ), and part of the Incheon Metropolitan City, South Korea. GCG will be the Korean entity acting as Project Sponsor. Incheon City has experi- enced considerable growth since the opening of the Incheon Harbor and Incheon Subway in October, 1999, fol- lowed by the Incheon Interna-
tional Airport in March, 2001. Since then, the city expanded with landfill, construction of various industrial and logis- tics complexes, development of tourism and leisure complexes and new residential areas, as well as upgraded educational and cultural facilities. Panepinto has been involved in previous major projects in S. Korea since 2008, including Bucheon City Living in Seoul Metro area and the Songdo Global Campus Prugio, work- ing together with Daewoo Engineering & Construction Company. n
ERSEY CITY, NJ — Panepinto Properties and Panepinto Glob- al Partners (Panepinto) announced the signing of a Memorandum of Understand- ing (MOU) with Incheon City in South Korea to execute the Incheon Free Economic Zone- GangHwa Medi-City in the Southern Ganghwa area. The $2.1 billion project includes the construction of a bridge between Yeongjong and Gang- hwa, and involves the master planning and development of residential, commercial, hospi- tality, healthcare, golf course with recreational facilities and industrial properties spread across 2,235 acres of land. As one of the primary trans- portation hubs in East Asia, Incheon is a part of the Seoul Metropolitan area, with 23 million people representing 48% of the national popula- tion, and is within a three- hour flight to 147 major mar- kets of more than 1 million people. The mayor of Incheon City, South Korea, Yoo, Jeong-bok, came to the United States to sign the agreement with Panepinto Properties and Pan- epinto Global Partners. “Gang- Hwa Medi-City will become the world’s best medical tour- ism complex (cluster) where the visitors come from all of Asia as well as Russia,” said Jeong-bok. “GangHwa Medi- City will improve current medical treatment standards and also contribute to the local economic growth through tour- ism business.” Also signing the MOU was Joseph Panepin- to, Sr. , president and CEO of Panepinto Properties. “We look forward to bring- ing our expertise in devel- oping coastal cities to this exciting waterfront live-work- play environment,” said Pan- epinto, one of Jersey City’s long-standing developers who has been instrumental in the transformation of the city. Now in its 40th year in busi- ness, the company is helping to develop other key coastal cities in the U.S. and abroad. The MOU ceremony was also attended by Jersey City Mayor Steven Fulop, who highlighted his own city’s eco- nomic growth as part of the New York Metropolitan area. Mayor Fulop recently won re- election with 78% of the vote. Panepinto, through its af- filiate, GangHwa City Glob-
The mayor of Incheon City, South Korea, Yoo, Jeong-bok, came to the United States to sign the agreement with Panepinto Properties and Panepinto Global Partners. “GangHwa Medi-City will become the world’s best medical tourism complex (cluster) where the visitors come from all of Asia as well as Russia,” said Jeong-bok. Panepinto will serve as the developer for the project, which shares similarities with Jersey City, a coastal city in need of development and revival.
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