INCHEON — Development of the Cheongna Video and Culture Complex, known as SOM CITY, is moving ahead in Incheon, a project worth 1.8 trillion won ($1.25 billion) funded entirely by private capital.
The Incheon Free Economic Zone Authority said on the 20th that a revised development plan for the complex was approved without modification at the 149th meeting of the Free Economic Zone Committee.
The revision reorganizes a 188,282-square-meter site in investment block 5-4, located in the Cheongna-dong 1-820 area of Seohae District, around the content industry. Under the land use plan, the site is divided into 125,773 square meters for content industry use, 53,824 square meters for business facilities and 8,683 square meters for infrastructure. The project period was extended by four years, from December 2027 to December 2031, to reflect a realistic permit and approval timeline.
With administrative procedures that had long stalled now cleared, the project's economic impact on the region is coming into view. Entirely privately financed, the development is expected to generate about 4.3 trillion won in economic effects, including output and value added, and to create some 13,000 jobs. The zone authority plans to concentrate professional production facilities — indoor and outdoor studios, open sets and a media center — along with intellectual property-based tourism facilities, with the aim of making Cheongna a global hub for K-content.
Officials also expect synergy with Starfield Cheongna, a shopping complex scheduled for completion in 2027, creating a large commercial district that combines retail with cultural tourism. The zone authority said it would sign a basic agreement as soon as the Ministry of Trade, Industry and Energy completes public notice of the revised development plan, then move quickly on follow-up approvals, including the establishment of a project financing vehicle.
"The Cheongna Video and Culture Complex is a central pillar for the cultural content industry, a core future growth engine for this administration," Incheon Mayor Park Chan-dae said. "We will actively attract global production demand and overseas investment capital to create quality jobs and help revitalize the local economy."