Politics · South Korea · 3 hrs ago
Jeonju mayor says developer must keep old factory project on schedule or quit
Jeonju Mayor Cho Ji-hoon has warned developer Ja Gwang to give up a major project if it cannot meet its original commitments.
The project would redevelop the former Daehan Textile site in Jeonju, South Korea, at a planned cost of about 6 trillion won.
It includes a 470-metre observation tower, a hotel, a shopping complex and about 3,500 apartments.
Ja Gwang had promised to start and complete the tower and apartments at the same time.
Facing financing problems, a weak property market and difficulty finding a construction company, it wants to finish the apartments first and build the other facilities later.
Cho says the city will insist on the original agreement, including simultaneous construction and completion.
The sources do not say when the city will make its next decision.
Jeonju Mayor Cho Ji-hoon said developer Jaekwang must carry out the old Daehan Textile site project as agreed or give it up.
He said the project must keep the planned simultaneous start and completion of its tower and apartment buildings.
Jaekwang has proposed completing apartments first and building the tower and commercial facilities later.
The project is valued at about 6 trillion won and was planned to include a 470-metre observation tower, a hotel, a shopping mall and about 3,500 apartments.
- Who
- Jeonju Mayor Cho Ji-hoon and project developer Jaekwang.
- What
- Cho said Jaekwang must keep the project’s agreed schedule, including simultaneous construction and completion, or abandon it.
- When
- October 12, 2026, during Cho’s 100-day press conference as mayor.
- Where
- The former Daehan Textile site in Jeonju, South Korea.
- Why
- The project has faced delays linked to contractor selection and financing problems, while Jaekwang has sought phased completion.
Jeonju Mayor Cho Ji-hoon
Jaekwang
Project schedule
Jeonju Mayor Cho Ji-hoon
The project should proceed according to the original agreement, with the tower and apartments starting and finishing at the same time.
Jaekwang
Jaekwang wants to complete and sell apartments first, then build the tower and commercial facilities in stages.
Response to delay
Jeonju Mayor Cho Ji-hoon
Cho said that if Jaekwang cannot meet the agreed terms, it should give up the project.
Jaekwang
Jaekwang has sought phased completion amid a property downturn, tight project-finance markets and difficulty selecting a contractor.
If you cannot do that, you have no choice but to give up the project.
The most important thing now is to make sure the projects at the former Daehan Textile site proceed as originally agreed, and maintain the simultaneous start and simultaneous completion of Jaekwang’s tower and apartments.
This story does not have a timeline yet.
- Project value
- About 6 trillion won
- Planned tower height
- 470 metres
- Planned apartments
- About 3,500 units
- Project site
- Former Daehan Textile site, Jeonju
- Developer
- Jaekwang
Sources
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