JYP Entertainment is reportedly considering canceling plans to build its new headquarters in Seoul, just three years after announcing the project.
Yoo Hyun Joon, a professor of architecture and urban design at Hongik University who designed the planned headquarters, said in an interview with Ten Asia on September 10th that JYP had effectively decided to pull out of the project.
“I received confirmation from JYP yesterday that they were withdrawing from the project,” Yoo said. “The decision is leaning toward a complete cancellation.”
JYP Entertainment gave a brief response when contacted, saying, “We are discussing various options.”
The project has reportedly run into problems after a nearby plot of land originally designated as a park was rezoned for commercial development. The 13,261-square-meter site is located about 20 meters from JYP’s planned headquarters.
Under the new zoning, a building up to 18 or 19 stories tall could be built on the site. The change has significantly affected the project because the original design for JYP’s headquarters was based on the neighboring land remaining a park.
JYP reportedly tried to find a way to continue with the project despite the change. The company proposed several alternatives to the Seoul Housing & Communities Corporation (SH), but none were accepted.
One proposal would have allowed the neighboring site to be developed with a building no taller than six stories while keeping the same floor area ratio. Another suggested moving the park to create more distance between the two buildings. Both proposals were rejected, according to Yoo.
Yoo said the cancellation could have an impact beyond JYP itself. He believes the company’s move could have helped turn the area into a new K-pop hub, bringing in entertainment companies, music video production businesses, hotels, restaurants and other related industries.
“With JYP’s presence, Godeok could have become a K-pop hub similar to Seongsu-dong, Hongdae or Apgujeong,” Yoo said. He added that the area could have attracted more foreign tourists and benefited from increased investment.
SH, however, said the parkland was rezoned in accordance with relevant laws to help secure funding for school facilities in the Godeok-Gangil district. The organization said other green spaces were protected areas that could not easily be reduced, making the zoning change necessary.
Yoo argued that the issue should not be viewed only from JYP’s perspective. He believes the larger question is whether it was appropriate to turn land that had been designated as a park into a development site.
“The core issue should not be about restoring the park because JYP’s design is compromised,” he said. “Converting a park site that is important to citizens into a development zone is problematic in itself from an urban planning standpoint.”
He also warned that removing urban parks for short-term funding can have long-term consequences. He said once land in a major city is developed, it becomes extremely difficult to turn it back into a park because land prices continue to rise.
Yoo also questioned what he sees as an inconsistency in Seoul’s policies. While the city has argued that Yongsan Park should be preserved rather than developed for housing, its subsidiary SH allowed parkland in Godeok-dong to be rezoned for development.
“Policies must be consistent,” Yoo said, arguing that Seoul City should take responsibility for finding a solution.
As for JYP’s possible withdrawal, Yoo said the company’s decision is understandable given its business interests and the changes to the site.
“Private companies make decisions based on their own interests and business conditions,” he said. “It cannot be seen as an excessive response.”
Yoo said the best solution would be for SH to restore the land to a park and find other ways to fund the school facilities, while urging Seoul City to reconsider the long-term impact of the decision on the area.
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