Hanwha Galleria (452260.KS) has secured a district building permit for its long-sought project to rebuild the Galleria Luxury Hall department store in Seoul's Apgujeong-dong, clearing a key hurdle for the overhaul of the more-than-40-year-old complex.
Seoul's Gangnam District approved the building permit for the rebuilding of the Galleria Luxury Hall West wing on the 15th, according to the Ministry of Land, Infrastructure and Transport's construction administration system, Seumter, on the 16th. The site covers 10,143.9 square meters at 494 Apgujeong-dong in Gangnam District, with a building area of 5,825.83 square meters and a total floor area of 88,362.09 square meters. The primary use is designated as retail facilities.
The permit follows the Seoul Metropolitan Government architecture committee's approval in May of the design review for the East and West wing project. Detailed design work, an environmental impact assessment and a disaster impact assessment remain, but clearing the design review and the building permit — widely seen as the main gateways — puts the project past the hardest stretch.
The West and East wings of the Luxury Hall were completed in 1979 and 1985, respectively. Hanwha Galleria plans to upgrade the aging facilities while transforming the store into a landmark representing Seoul. The company intends to sharply expand retail space and add customer amenities, including parking, to improve the shopping environment.
The design was handled by Heatherwick Studio, the global architecture firm. It features a distinctive exterior evoking an hourglass through curved outer walls.
Hanwha Galleria plans to pursue the rebuilding of the East wing after completing the West wing. The combined retail space of the two wings would more than double to over 59,504 square meters from the current 29,091 square meters.
"This building permit will be an important milestone in the successful rebuilding of the Galleria Luxury Hall," an official at Hanwha Galleria said. "We will prepare for the follow-up administrative procedures and communicate actively with relevant agencies and the local community so that the new Luxury Hall can emerge as a landmark representing Seoul."