Fountain in Front of Bank of Korea to Be Relocated After 48 Years, Creating Open Plaza for 7,000 People

[Financial News] The fountain in front of the Bank of Korea will be relocated for the first time in 48 years. A large open plaza capable of accommodating up to 7,000 people will be built on the site of the fountain. The Seoul Metropolitan Government announced on the 16th that it would relocate the fountain in front of the Bank of Korea and transform the existing site into a civic plaza for walking, viewing and relaxation, as well as performances and festivals.
Installed in 1978, the fountain in front of the Bank of Korea has stood in the heart of downtown, connecting Myeong-dong, Namdaemun Market and Namsan. However, the fountain and other facilities occupied a significant portion of the space, while differences in elevation and obstacles divided pedestrian routes. Concerns had been raised that crowds became concentrated there during the year-end and New Year period and large-scale events.
The city will relocate the fountain and remove differences in elevation and other obstacles to create a single open space. As a result, the plaza’s capacity will increase nearly threefold, from about 2,300 to about 7,000 people. The plan is intended to reduce congestion and improve safety by distributing crowds more widely when large numbers of visitors gather.
The new plaza will normally serve as a place for citizens and tourists to rest, while during events it will operate as an urban cultural space for performances and festivals. The space will be designed to accommodate a range of programs, including an outdoor library, busking, K-pop performances, a ground fountain and Christmas festivals. In connection with nearby Myeongdong Square, it will also serve as a hub along the tourist route from Myeong-dong to Namdaemun Market and Namsan.
The existing fountain will not be demolished. Instead, it will be relocated to the East Gate Plaza of North Seoul Dream Forest. Areas damaged by long-term use, including concrete surface deterioration and efflorescence, will be repaired and restored before the fountain is reinstalled.
Construction will begin in the middle of this month. The fountain will be dismantled and temporarily stored, while the existing site will be leveled so that a temporary plaza can be built first by the end of the year. Permanent construction will then proceed after consultation with experts. The relocation of the fountain to North Seoul Dream Forest and landscape improvements are scheduled to be completed in the first half of next year.
The project will be carried out through a social contribution agreement involving the Seoul Metropolitan Government, Jung-gu and Shinsegae. The Seoul Metropolitan Government will provide the site for the fountain’s relocation, while Jung-gu will operate and manage the plaza after its completion. Shinsegae will cover all costs required for the project.
Choi Jin-seok, head of the Seoul Metropolitan Government’s Disaster and Safety Management Office, said, "As crowds become concentrated during the year-end and New Year period, we will expand the space to reduce congestion. We will also preserve the fountain’s value through restoration and relocation rather than demolition."

[email protected] Seong Chorong Reporter