Principals from Jersey City-based Panepinto Properties, Mayor of Incheon City, South Korea, representative from Korean Airline and other officials sign and MOU to execute a $5.1 billion development project in South Korea. From L to R: Wonsik Yun, IFEZ (Incheon Free Economy Zone), Commissioner; Yongran Kim, DP International, President; Jeongbok Yoo, Incheon Metropolitan City, Mayor; Joseph Panepinto Jr., Panepinto Global Partners; Joseph Panepinto Sr., Founder and CEO, Panepinto Properties; John Seunghwan Cho, Vice President, Panepinto Global Partners; Seungjoon In, Director, Korean Airline
Panepinto Properties and its affiliate, Panepinto Global Partners, have announced the signing of a Memorandum of Understanding (MOU) with Incheon City, South Korea, to oversee a transformative $5.1 billion development on Yeongjong Island, opposite Seoul-Incheon International Airport. This initiative 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, together with principals from Panepinto Properties and Panepinto Global Partners. Driven by the growth of air travel at Seoul-Incheon International Airport and the Korean Air merger with Asiana Airlines, the development aims to consolidate and relocate Korean Air Lines’ offices and other ancillary facilities.
Joseph Panepinto Jr. of Panepinto Global Partners stated, “Leveraging nearly five decades of expertise in developing coastal cities, we are thrilled to embark on this initiative in such a strategically significant location. 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.”
Incheon Mayor Yoo Jeong-bok said, “Yeongjong International City, which is connected to the world’s best airport, ground-linked transportation network, and ports, and has been designated as a free economic zone, making it advantageous for attracting businesses, is the optimal location for an aviation complex cultural city.” He added, “Through close cooperation with Panepinto, Korean Air, and others, we will create a special aviation city where culture is integrated and Incheon takes another leap forward as a leading aviation city.”
Development Overview
The project will span two adjacent development districts on Yeongjong Island, comprising:
- Total Buildable Above-Ground Area: 1.8 million m²
- Office Space: 330,000 m²
- Residential Units: 7,000
- Officetel Units: 1,000
The development will feature striking high-rise buildings ranging from 59 to 79 stories, seamlessly integrated with landscaped parks and vibrant entertainment facilities. The new Korean Air Lines headquarters will occupy all of the planned office space, creating a consolidated base for both Korean Air and Asiana Airlines.
Seoul-Incheon International Airport is a major global hub, ranking 4th among the world’s best airports in 2023. It was the 2nd busiest airport by cargo traffic in 2022 and ranked 3rd for international passenger movements in 2024. The airport’s Terminal 2, opened in 2018, significantly increased capacity. The final phase of Terminal 2’s construction is set for completion in 2024, which will raise the airport’s capacity to 100 million passengers per year, solidifying its status as a leading global international airport.
Supported by the Incheon City government and the Incheon Free Economic Zone Authority (IFEZ Authority), the development will benefit from several major infrastructure projects, including:
- Yeongjong-Cheongna Bridge: Currently under construction and scheduled for completion by the end of 2025, the bridge will provide pedestrian and vehicular passage, enhancing connectivity.
- GTX High-Speed Rail Line: Planned by the Korean government, this line will connect Incheon Airport to central Seoul and beyond, with a station accessible directly from the development site.
Proven Track Record
Panepinto Global Partners has been involved in major projects in South Korea since 2008, including the Bucheon City Living development in the Seoul Metro area and the Songdo Global Campus Prugio, in collaboration with Daewoo Engineering & Construction Company. The Prugio residential complex, a core development within the Songdo Global University Campus, provides necessary housing for both Koreans and foreigners. It encompasses 1,703 condominium units, 603 officetel units (live and work condominiums), and 244,093 square feet of retail space.
Honoring History and Strengthening Ties
In a separate ceremony that underscores the deepening relationship between Jersey City and Incheon, Mayor Jeongbok Yoo joined Jersey City Mayor Steven Fulop, other city officials and Panepinto leadership at the Jersey City waterfront to unveil a new inscription on the existing Korean War Memorial. The addition to the memorial, spearheaded by Panepinto Properties along with Veterans Affairs Director Juliet Health and Human Services Director Stacey Flanagan, highlights Incheon’s significant role during the Korean War, featuring a drawing of U.S. General Douglas MacArthur, who led U.S. and United Nations forces during the conflict.
“This is really a momentous event. It’s important to remember these past conflicts where many people lost their lives,” Joseph Panepinto Jr. said, referencing the memorial dedicated to the men and women from Hudson County who were killed during the Korean War.
Panepinto elaborated on the historical significance of the Battle of Incheon in September 1950, where MacArthur’s bold landing of troops changed the tide of the war, saying, “It really did save the country, and the freedoms and democracy South Korea has become today.”
Incheon City Mayor Jeongbok Yoo joined Jersey City Mayor Steven Fulop, other city and state officials, and Panepinto Properties leadership at the Jersey City, NJ waterfront to unveil a new inscription on the existing Korean War Memorial that highlights Incheon’s significant role during the Korean War.
Mayor Yoo expressed his gratitude, saying, “We have to work together. It is such a great honor and privilege to be dedicating this war memorial park here in Hudson County. Incheon city will not forget the assistance you made for us. I look forward to further friendship between Incheon of Korea and New Jersey and Jersey City.”
About Panepinto Properties
Panepinto Properties has been a market leader and innovator in Jersey City real estate development since 1977. As an independently owned and operated real estate development company, Panepinto Properties now engages in innovative real estate projects nationally and internationally, focusing on design and infrastructure development, long-term property and asset management, and contemporary fine art services for residential, office, and hotel projects. Panepinto Properties works closely with financial institutions, city & state agencies, engineers, architects, designers, artists and much more to ensure that each project is unique and successful. Panepinto Global Partners is an affiliated real estate development company with a focus on foreign development and investment opportunities. www.panepintodevelopment.com
