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Tag Archive for John Hynes
Chemulpo to Songdo IBD: Korea’s International Gateway
Forbes Magazine Highlights Songdo IBD Smart Urban Community
Songdo IBD Central Park
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
Songdo IBD continues to draw global attention. This recent Forbes magazine article points out the strong technology partnerships (CISCO, UT, and 3M) Gale International and the Songdo IBD project have attracted.
Very Smart Cities by Elizabeth Woyke,
SONGDO, SOUTH KOREA –
John B. Hynes III got the jitters when he first spied the mudflats of Songdo, South Korea, in June 2001. How would he transform the expanse of muck into a smart urban center with an integrated network of utility, transportation, real estate and recreation systems?
Eight years and 82 globe-crossing flights later, Hynes is far more assured about Songdo’s prospects. The man-made island, 40 miles southwest of Seoul, is now dotted with more than 100 buildings, including a 7,800-person apartment complex, a massive convention center and a Sheraton hotel.
Hynes’ employer, New York-based real estate developer Gale International, estimates the 1,500-acre city is 40% underway. Completion is slated for 2014. The cost: $35 billion, making it perhaps the world’s largest private real estate venture in history.
Songdo’s backers, which include Gale, Morgan Stanley and Korean steelmaker Posco, are betting the city can become a northeast Asia trade hub, linking nearby Shanghai and Tokyo. It will also be a model for a new Gale project, Meixi Lake, to be built in China’s Hunan Province starting later this year. Both cities will be “smart, sustainable and technologically ambitious,” says company Chairman Stanley C. Gale.
To conform to the U.S. Green Building Council’s energy-efficient LEED standards, Songdo buildings are incorporating special window glazing and ventilated double facades. Greywater and rain will be collected for irrigation and use in cooling towers. A network of underground pneumatic pipes will move solid waste, reducing the need for garbage trucks.
Songdo is also a petri dish for green transportation schemes. Water taxis already zip along the city’s seawater canals. Soon, a citywide bike rental service modeled on Paris’ Velibre system and a car-share system will be added. Buses powered by fuel-cells are expected within the next two to three years.
With its more than 40% green space, including a $220 million park, the city is designed to feel as airy as Vancouver. (Gale estimates Songdo will eventually house 65,000 residents and 300,000 workers.) Hynes is particularly proud of the park, which is dubbed Central Park after the New York City landmark. “Convincing the government and our partners that 100 acres of prime land should be reserved for a park was a tough sell,” he notes.
Meixi Lake will be helmed by the same architects–Kohn Pedersen Fox Associates and Arup–and follow a similar philosophy, but with a 400-acre lake instead of a park.
Data networks developed by Cisco are key to both projects. The company plans to deploy video networking technology and energy management software tools city-wide and meld municipal systems, such as education, health care, transportation and hospitality into a common network. Wim Elfrink, Cisco’s chief globalization officer, says Cisco has identified 20 services that could be linked, but will start with six or seven. The company declined to specify its investment in Songdo, but says it has committed $2 billion to South Korean projects over the next three to five years.
Residents will be able to chat with their children’s teachers, consult doctors and apply for city permits and licenses via flat screen monitors in their apartments. Buildings will be intelligent enough to guide cars to available parking spots and queue up elevators as people approach. Hotels will recognize regular guests and automatically adjust room system settings.
The projects leverage Cisco’s earlier work with schools, stadiums and utility grids. “All our expertise is coming together in Songdo,” says Elfrink. Like Gale, Cisco views Songdo as a model it can replicate around the world. It plans to build a global center for “intelligent urbanization” in Songdo and work on 10 similar projects in places like India and Saudi Arabia over the next two years. “It’s an adjacent business we expect a lot from,” says Elfrink.
United Technologies and 3M are also providing technology to Songdo and Meixi Lake. 3M is making digital signs and “stick-on film” to be used throughout both cities. UTC is providing energy-saving elevators and water-cooled air conditioning units designed to cut energy use by 20%.
Despite all the talent involved, building Songdo has hardly been a smooth path. As a city designed and constructed with private financing by a foreign company, Songdo has few precedents. Tying together people’s home, work and civic lives online has required new regulations. “This is an entirely new industry,” says Cisco’s Elfrink. “We have new questions to answer.”
Permit delays pushed the opening of Songdo’s flagship commercial building, the $500 million Northeast Asia Trade Tower, from December to late summer 2010. Gale says the building’s mixed-use nature–a combination of retail, commercial and residential space that is unusual in Korea–was the main reason for the hold-up and that all necessary permits have now been obtained.
Gale also tussled with the Korean government over a rule that the majority of students in Songdo’s International School be non-Korean–a challenge when most current Songdo residents are Korean nationals. Gale says the issue has been resolved and the school will open this September for grades kindergarten through six.
Gale is currently focusing on luring corporations to Songdo under the theory that people follow jobs. The project will be a success, says Hynes, when Songdo is full and the areas around it are “buzzing.”
Hynes isn’t expecting to see a return on Gale’s billions for two to three years. First he has to finish covering the mudflats.
New Book, $20 Per Gallon, Lauds Songdo IBD and Gale International
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
I shared with a longtime friend and well-known Denver-based entrepreneur Stephen Oliver that over the past several years, I’ve been so focused on Korea writing projects I rarely pick up a book for casual reading. Later that day, I was skimming new book reviews and came upon Christopher Steiner’s $20 Per Gallon How the Inevitable Rise in the Price of Gasoline Will Change Our Lives for the Better. My hope was to find a interesting book, then take some time to read and reflect. Previewing the book online, I noticed the author lauded Songdo and the developer Gale International. How convenient!
After buying a copy and a giving the book a quick skim, I found that author Steiner sees New Songdo City (Songdo IBD) as a model for his future urban revolution. With quotes from Gale International CEO John Hynes III, $20 Per Gallon provide a nice overview on Songdo IBD interconnectedness, sustainability, and quality of living. The book is available at Amazon...
I am curious to the thoughts of Songdo IBD CityTalk readers on Steiner’s arguments and foresight.
Songdo IBD’s Jack Nicklaus Golf Club Korea to host PGA Champions Tour Event
Incheon Mayor Ahn Sang-soo (center left), Jack Nicklaus (center), Gale International CEO John Hynes (center right)
Gale International’s master plan for Sondgo IBD included providing outstanding amenities. A world class golf course was part of this vision. Partnering with Jack Nichlaus to design the course has added to the excitement. News this weeks adds to what will be a major attraction for Songdo IBD.
The Golden Bear rolled into Korea to help announce the first-ever PGA Champions Tour event in the country, and in all of Asia for that matter.
Incheon will host a seniors competition in the latter half of next year and annually through 2012, golf legend Jack Nicklaus revealed yesterday during a press conference at the Grand Hyatt in central Seoul.
The event will be held at the Jack Nicklaus Golf Club Korea, which is currently being built in Incheon’s Songdo International Business District.
The 72-par golf course measures 7,257 yards and is approximately 60 percent complete. It’s expected to open in time for the event.
Nicklaus – who designed the golf club bearing his name – said plans to bring a Champions Tour event to Korea have been in the works for years.
“The golf course awaiting the Champions Tour players is totally created [from the ground up], but one we believe will be world class,’’ Nicklaus said. “The project is right off Incheon Bay, so the golf course provides bay and harbor views.’’
PGA Tour Commissioner Tim Finchem said in an Associated Press story that the Korean market is important to the organization.
“We welcome this addition to the Champions Tour schedule and the opportunity to further elevate golf in South Korea with an event of this magnitude,” Finchem said.
The 54-hole stroke play event has a $3 million purse and is offering a prize of $450,000 to the winner. Event sponsor IMG is working with PGA Tour officials to include Korean and Asian players in the event.
Gale International: 2009 and Beyond
Chairman Stan Gale
In his annual Chairman’s Message Stan Gale commented on past accomplishments, current challenges, and future opportunity. In sum, for 2009 Gale and Songdo IBD plan to go Full Speed Ahead.
Annual Message
Gale International Chairman Stan Gale expressed satisfaction from himself and CEO John Hynes that preparations in recent years have positioned the company well to weather the current global economic crisis. He expects 2009 to show continued progress on current projects and expects to capitalize on emerging opportunities as the need for large-scale urban development grows globally.
To our valued Employees, Investor and Development Partners:
Gale International traces its roots back to 1922, having pioneered innovative real estate developments in both up and down markets. The growth and evolution of our company is now focused on city scale multi use development. These business and living environments are designed to attract foreign investment and international commerce. They will serve as an engine for sustainable development and financial stability for the people and the markets they serve. As we look to the future, let me point to several areas of focus for our company.
Stay the Course
I encourage every Gale International employee, and our partners to continue to work “full speed ahead.” We are well positioned to keep projects underway and strengthen the economies in which we operate. Today, more than 20,000 people are gainfully employed, making a good living, as a result of our international initiatives.
Continued Project Progress
In the United States, plans for the 23-acre, $3 billion Seaport Square development in Boston are well underway, with construction work on the first mixed use block set to commence in mid-2009. Key leases are being negotiated and it is expected construction will start on the $700 million One Franklin project. We are also proud of our contribution in bringing the New York Jets training facility to Florham Park, New Jersey.
In Korea, work continues at an accelerated pace on the Songdo IBD. As you read this letter, over 30 projects and 50 buildings are underway representing an investment of over $10 Billion. A total of fourteen projects were started in 2008. This past October, we were proud to attend the opening of the Songdo Convensia convention center. Thousands of Korean and international visitors are getting a dramatic first look at Songdo IBD through the soaring windows of the Convensia lobby. The First World towers will welcome their first tenants in the first quarter of 2009 and tours are running through the Songdo International School. Preparation is well underway for Songdo IBD’s “Grand Opening,” which will coincide with the 2009 Global Fair and Festival and the opening of Incheon Grand Bridge, connecting Songdo IBD with the Incheon International Airport and the world beyond.
Focus on Sustainability
Gale International is committed to sustainable design and development. Sustainability means that Gale International projects will be more energy efficient, environmentally friendly and economically rewarding. Sustainability is proving to be a bulwark in a down market, maintaining market value as non-sustainable project returns erode. We are dedicated to enhancing the ability of our developments to carry themselves from both a revenue and long term cost perspective.
Partnerships for Global Expansion
The sustainability initiative has also allowed us to assemble an impressive list of strategic alliance partners. Business relationships have been forged with global leaders; companies like UTC, 3M, Microsoft and GE. This is in addition to existing partners Posco E&C and LGCNS. In 2008, we created the Sustainable International Development Team (SIDT). This includes a comprehensive list of investment partners, architects, engineers and consultants. Quality of life partners like Taubman and Jack Nicklaus also play an important role in the SIDT. The stated mission of the team is to dedicate its collective expertise to reduce the cost and development time of state-of-the-art sustainable city scale projects around the world.
Alignment of Interests
Periods of downturn often have the positive effect of aligning interests. We are committed to improving communication with our public and private sector partners to identify opportunities to ensure continued business growth. Every aspect of operations is being examined and evaluated. Our partners are doing the same. We see positive signs that the communities in which we operate are equally committed to keep the momentum gained to date going, despite economic challenges. For example, the city of Boston recently pronounced its intent to invest in local projects identified as crucial to the success of the city’s redevelopment initiatives. Our One Franklin (Filenes) project was singled out by Mayor Thomas Menino as a project particularly worthy of community support. No doubt, continued public sector support and local investment in our projects both in the US and in Korea will help to jump start slowing economies and spur job growth.
Gale International: 2009 and Beyond
As a result of the impressive progress in Songdo IBD, Gale International is considering development opportunities for future city scale projects. Enlightened government officials in burgeoning and evolving nations like China, India, Ireland, Saudi Arabia, Iraq, Vietnam and Turkey are assuming a proactive leadership role in the creation of new urban models. The Songdo IBD experience and SIDT make Gale International and our partners uniquely qualified to assist in these developments.
The projects Gale International is proud to work on every day are not conceptual; they are thriving developments which present a unique, opportunity to set the standard for how future cities should be constructed. They are playing an important role in the evolving global economy. In this time of inertia, there is a distinct need for action. No doubt, there are many opportunities ahead for Gale International, our investors and development partners. From here we go “Full Speed Ahead.”