The second phase of the project, which will build an additional opera house and art hub space, has been put on hold in "Art Center Incheon", a large concert hall.
The Incheon Free Economic Zone Authority recently announced that it has received an opinion that it will reject the second phase of the art center Incheon project as a result of the central investment review by the Ministry of Public Administration and Security.
The Ministry of the Interior and Safety said that the "review" presented in the previous investment review has not been supplemented and asked to review the appropriateness of the project, including securing economic and financial feasibility.
In December last year, the Incheon Economic Agency supplemented its business plan with the Incheon Research Institute when it raised the second phase of the art center Incheon project for the first time with the Ministry of Public Administration and Security and was rejected due to a review.
As a result, the second phase of the art center project failed to pass the central investment review of the Ministry of Public Administration and Security twice, forcing the completion date originally scheduled for March 2028 to be delayed.
The Incheon Economic Administration plans to review the promotion of services to recalculate the value of "benefit for cost (B/C)" while reorganizing the overall business contents.
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