Development of Former Taihan Textile Site in Jeonju Delayed; Developer Completes Technical Review

【Financial News Jeonju = Reporter Kang In】  The development of the former Taihan Textile site in Jeonju, Jeonbuk, the region's most closely watched project, has been delayed.
According to Jeonju-si and other sources on the 28th, Jagwang, the project's developer, had agreed to begin construction on the complex development by that date.

The agreement centers on a 470-meter tourism observation tower, a mixed-use shopping mall featuring retail stores and a cinema, 3,536 apartment units, an 80,000-square-meter urban park, and KRW 385.5 billion in public contributions.
However, the promise to begin construction by the deadline was not kept.
In response, Jeonju-si decided to urge Jagwang, which had missed the deadline, to proceed with the project.
The project implementation agreement states that the project may be invalidated or canceled if construction does not begin within one year of the approval date for the housing construction project plan.
The city decided to let the project proceed based on the Housing Act, which allows cancellation if construction does not begin within five years. This reflects the fact that the Housing Act takes precedence over the agreement.
A Jeonju-si official said, "This does not mean that the principle has changed or that we have backed down," leaving open the possibility of using administrative enforcement powers.
Amid this situation, Jagwang stated that it would soon begin the construction process.
Jagwang has completed a technical review of "simultaneous construction and completion" for the buildings approved under the Jeonju Tower Complex Development Project and submitted the relevant materials to Jeonju-si. The company said it is continuing discussions with a construction company capable of carrying out the work regarding the construction schedule and costs.
A Jagwang official said, "We are focusing all our capabilities on successfully advancing the project. We hope you will trust and support this complex development, which will help revitalize the local economy."

[email protected] Kang In Reporter