Metropolis From Scratch

20 April 2005 - 6:00am

In South Korea, construction teams are at work on an entirely new city for international business that is expected to have half a million residents within 5 years.

The future location of New Songdo City lies on a landfill island 40 miles from Seoul. This 1,500-acre project – about the size of midtown Manhattan – will be the premier location for multinational firms to headquarter their Northeast Asian operations. The city is expected to hit half a million people by 2010, evenly divided between Koreans and expats.

Source: The Next American City, April 18, 2005
Bookmark and Share
The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"