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Some Sebit Island

Development Type: Mixed-use Development

Type Of Developer: Public Private Partnership

Start Year: 2009

Address: 683, Olympic-daero, Seocho-gu, Seoul, Republic of Korea

Website: http://www.somesevit.co.kr/kr/index.do

Contributor: audex

Location

Location Description
Before Sevit Island was established, when explaining this place, residents said it was the Han River Park under Banpo Bridge and the Moonlight Rainbow Fountain. Currently, Sevit Island is added, so three names are used evenly.

Case Report

Introduction

Sevit Island is a cultural project promoted by Seoul in 2006. Starting with the public offering of civic ideas, it was built in a way that the private sector built facilities and operated jobs. Yevit Island (Media Art Gallery) was first completed in 2009, followed by Sevit Island (Gavit Island, Solvit Island, and Chavit Island) in 2011. However, during this period, only a few observation spaces were opened, and it was not until 2014 that the entire Sevit Island was opened. Currently, Sevit Island is operated as a commercial and cultural space.

Development Info.

Development Scale: Building

Total Development Cost: 10,346m2 and 139 billion won

Total Land Area: 10,421m2

Total Development Area: 10,346m2 and 2011

Area Type: Urban Area - Urban Residential Area

Start Date: 2009/04/01

Opening Date: 2011/04/01

Planning Approval: Floating Island Project and Apr 2009

Lead Developer: HAEAHN Architecure, TaeMan.Kim

Consultants: HAEAHN Architecure, DAAIN Architecture, Daewoo Engineering & Construction, ChinHung company, STX construction, HyoSung company etc.

Background

Economic Context

Sevit Island was carried out as a profitable private sector project. Over time, companies recover their initial investment costs with profits from this place. There were many profits in the beginning, but as profits gradually decrease, they are having difficulty resolving debt.

Social Context

Sevit Island is the world's first floating structure. There are three islands, including Chavit Island (Cultural Experience Facility), Solvit Island (Water Leisure Facility), and Gavit Island (Performance Cultural Facility). In addition, there is Yevit Island (Media Art Gallery), which is not on the water.

Environmental Context

Sevit Island is a structure built on the Han River. At the lower part, there is a body that supports upper facilities such as electricity, equipment, water supply, and sewage. It has a mooring chain system in preparation for changes in water levels in the Han River.

Historical Context

Construction began in April 2009, starting with a public contest for civic ideas in November 2006. With the completion of construction in May 2011, the island was named Sevitdongdong Island in the name of floating island. Since then, the number of foreign tourists has increased compared to before, as it was provided as a filming location for the movie Avengers in 2014.

The Plan

Pre-planning Efforts

Meet the only Han River in the world. Sevit Island (세상에 단 하나뿐인 한강을 만나다. 세빛섬)

Vision Statement

It is an architectural project that started with the intention of turning the beauty of the Han River into a culture. (Proposed by Kim Eun-sung, a Seoul citizen)

Goals and Objectives

N/A

Issues and Problems

Critics pointed out that taxes are being wasted in the process of building Sevit Island. So the mayor of Seoul was investigated by the prosecution. In the process, Sevit Island is owned by the Seoul Metropolitan Government, and there was no problem in the corporate participation process. In addition, debt was incurred due to the delay in the project, but the mayor of Seoul was cleared of the charges because it was judged to have a financial effect after completion.

Benchmark Projects

N/A

Public Engagement Strategy

BTO Business (Build, Transfer, Operate Business), Various companies including HAEAHN and DAAIN architecture participated in the design.

Financing Strategy

BTO Business (Build, Transfer, Operate Business)

Existing Community and Residents

N/A

Phasing Strategy

BTO Business (Build, Transfer, Operate Business)

The Master Plan

Sevit Island is designed for performances, exhibitions, leisure and festivals. Sevit Island provides people with a way to enjoy the Han River. Sevit Island represents seeds, buds, and flowers in full bloom. This is a figurative expression of Seoul's culture blooming.

Land Uses and Programs

Gavit Island: It's an island with a concert hall and a promenade. There are also cafes, wedding halls, restaurants, stores, and rooftop spaces. Chavit Island: It is an island where nearby residents can experience cultural experiences. There are also landscape facilities, restaurants, and convenience stores. Solvit Island: It is a cultural space with water leisure facilities, and events related to exhibitions, performances, and the view of the Han River will be held. Yevit Island: There is a media art gallery as a space where various events and events are held.

Timeline or Milestones

Nov 2006: Citizen Idea Contest. Apr 2009: Sevit Project construction begins. February 2010: Completion of Chavit Island May 2010: Solvit Island Completed June 2010: Gavit Island completed Early May 2011: Floating Island changed its name to Sevidongdong Island. May 21, 2011: Opening the Observation Space September 2011: Closed due to corruption, poor design, and construction of rental businesses; September 2013: Seoul Metropolitan Government and Hyosung Group agreed to normalize operation May 2014: Gavit Island opened after the normalization agreement. Jul 2014: Changed name to Sevit Island, opened Chavit Island October 2014: Solvit Island opened and Sevit Island all opened.

Current Status

Sevit Island's debt is said to be worth 119.5 billion won, which is in a state of total capital erosion. Therefore, it is believed that there is a major problem with the viability at present. It remains to be seen whether the current program will continue in the future. Therefore, if we do not take measures to generate revenue, we do not know what will happen to Sevit Island in the future.

Lessons Learned

What is the most important take away from this case?

There will be a new cultural space as well as a walkway in the Han River.

Why is this case relevant today and for whom?

It is significant that it wanted to create a space for nearby residents and Seoul citizens to enjoy culture and events.

Which strategy was proved to be successful?

On a fine day, people set up tents around and enjoy leisure time. At the same time, I can enjoy various events on Sevit Island, so I think it is successful for the purpose of creating cultural space for culture.

In your opinion, what could have improved this project?

Too high-end restaurants and high fees are the problem. Most of the people gathering there are nearby residents and people in their 20s and 30s. I am a beginner and lack the ability to pay high fees. Therefore, the price of the program on Sevit Island should be appropriate for the spending capacity of the people gathering there.

Any other comments?

Currently, Sevit Island's expensive restaurants are not profitable. If it is used as a relatively inexpensive brand or a creative startup business space for young people, it will be more vibrant.

References

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Contributor audex

audex

AUDEX is an acknowledgement that we need to start building on our own knowledge and experiences that applies to Asian cities and, perhaps, we can steer the global urbanization in the right direction. We believe in a collective intelligence. Powered by the internet and the network of professionals and experts in Asia, we propose to start by making sharing your experience and knowledge easier.