One of the most prominent developers in Hudson County has signed a massive deal to revitalize a large parcel near a South Korean airport following a visit to Jersey City over the summer that sealed the deal.
Panepinto Properties and its affiliate, Panepinto Global Partners, announced the signing of a Memorandum of Understanding (MOU) with Incheon City in South Korea. The agreement will put the company in charge of overseeing a $5.1 billion development on Yeongjong Island, which lies just opposite Seoul-Incheon International Airport.
The ambitious plan will include a new headquarters facility for Korean Air Lines along with thousands of residential units, tourism, entertainment, and various commercial and public facilities. The MOU was signed during a recent visit to Jersey City by Incheon Mayor Jeongbok Yoo.
“Leveraging nearly five decades of expertise in developing coastal cities, we are thrilled to embark on this initiative in such a strategically significant location,” said Joseph Panepinto Jr. of Panepinto Global Partners. “This large-scale, multi-faceted project underscores Incheon’s emerging role as a global hub and aligns with our commitment to fostering international collaboration and sustainable urban growth.”
Panepinto’s largest current Jersey City project is Pathside, a 53-story tower in Journal Square set to include 605 residences, retail space, and a new public plaza. Their investment in South Korea has been growing since 2008 and includes significant projects as part of the country’s Songdo Global University.
The Incheon City project will span a total of 1.8 million square feet and include over 7,000 residential units. The plans call for high-rise buildings ranging from 59 to 79 stories integrated with landscaped parks and entertainment facilities.
While in Jersey City, Mayor Jeongbok Yoo joined Jersey City Mayor Steven Fulop and Panepinto leadership at the waterfront to unveil a new inscription on the existing Korean War Memorial. The addition to the memorial highlights Incheon’s significant role during the Korean War and features a drawing of U.S. General Douglas MacArthur, who led U.S. and United Nations forces during the conflict.
