South Korea: Global real estate company Hines has revealed plans to build and operate a 74-storey mixed-use tower in Busan, South Korea’s second-largest city.
Called 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.
The development in Busan’s Haeun-dae district will span more than 180,000 square metres (1.9 million square feet) and will be one of South Korea’s five tallest towers upon completion.
“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.”
Architects Skidmore, Owings & Merrill is designing the project as a “vertical city” which is expected to generate $3.6 billion in economic value and create 18,000 jobs in and around Busan.
“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 complete in 2027, with the finished structure incorporating sustainability features to comply with South Korea’s 2030 carbon reduction goals.
