Jersey City Developer Signs $2.1B MOU for GangHwa Medi-City

12/4/17


The mayor of Incheon City, South Korea, Yoo, Jeong-bok, came to the United States to sign the agreement with Panepinto Properties and Panepinto Global Partners. “GangHwa Medi-City will become the world’s best medical tourism complex (cluster) where the visitors come from all of Asia as well as Russia,” said Jeong-bok. Panepinto will serve as the developer for the project, which shares similarities with Jersey City, a coastal city in need of development and revival

Panepinto Properties and Panepinto Global Partners (Panepinto) today announced the signing of a Memorandum of Understanding (MOU) with Incheon City in South Korea to execute the Incheon Free Economic Zone-GangHwa Medi-City in the Southern Ganghwa area. The $2.1 billion project includes the construction of a bridge between Yeongjong and Ganghwa, and involves the master planning and development of residential, commercial, hospitality, healthcare, golf course with recreational facilities and industrial properties spread across 2,235 acres of land.

As one of the primary transportation hubs in East Asia, Incheon is a part of the Seoul Metropolitan area, with 23 million people representing 48% of the national population, and is within a three-hour flight to 147 major markets of more than 1 million people.

The mayor of Incheon City, South Korea, Yoo, Jeong-bok, came to the United States to sign the agreement with Panepinto Properties and Panepinto Global Partners. “GangHwa Medi-City will become the world’s best medical tourism complex (cluster) where the visitors come from all of Asia as well as Russia,” said Jeong-bok. “GangHwa Medi-City will improve current medical treatment standards and also contribute to the local economic growth through tourism business.” Also signing the MOU was Joseph Panepinto, Sr., President and CEO of Panepinto Properties.

“We look forward to bringing our expertise in developing coastal cities to this exciting waterfront live-work-play environment,” said Mr. Panepinto, one of Jersey City’s long-standing developers who has been instrumental in the transformation of the city. Now in its 40th year in business, the company is helping to develop other key coastal cities in the U.S. and abroad.

The MOU ceremony was also attended by Jersey City Mayor Steven Fulop, who highlighted his own city’s economic growth as part of the New York Metropolitan area. Mayor Fulop recently won re-election with 78% of the vote.

Panepinto, through its affiliate, GangHwa City Global Partners Company, Ltd (GCG), will oversee the acquisition, master planning, land sale, and development of GangHwa Medi-City, a large-scale development site located in the Incheon Free Economic Zone (IFEZ), and part of the Incheon Metropolitan City, South Korea. GCG will be the Korean entity acting as Project Sponsor.

Incheon City has experienced considerable growth since the opening of the Incheon Harbor and Incheon Subway in October, 1999, followed by the Incheon International Airport in March, 2001. Since then, the city expanded with landfill, construction of various industrial and logistics complexes, development of tourism and leisure complexes and new residential areas, as well as upgraded educational and cultural facilities.

“The development of GangHwa Medi-City will be the 4th free economic zone created in Incheon, taking advantage of the current expansion of the Seoul-Incheon International Airport, doubling its capacity and thrusting the local economy into a global arena,” said Joseph Panepinto Jr. of Panepinto Global Partners.

Panepinto has been involved in previous major projects in S. Korea since 2008, including Bucheon City Living in Seoul Metro area and the Songdo Global Campus Prugio, working together with Daewoo Engineering & Construction Company. The Prugio residential complex is a core development within the Songdo Global University Campus, providing necessary housing for Koreans and foreigners alike and will be situated within the same district. It encompasses 1,703 condominium units, 603 “officetel” (live and work condominiums) units, and 244,093 square feet of retail space.

About Panepinto Properties

Panepinto Properties has been a market leader and innovator in Jersey City real estate development since 1977. As an independently owned and operated real estate development company, Panepinto Properties now engages in innovative real estate projects nationally and internationally, focusing on design and infrastructure development, long-term property and asset management, and contemporary fine art services for residential, office, and hotel projects. Panepinto Properties works closely with financial institutions, city & state agencies, engineers, architects, designers, artists and much more to ensure that each project is unique and successful.

For 40 years, Panepinto Properties has distinguished itself with a reputation as a pioneer for planning and developing innovative commercial, residential, hotel, and mixed-use developments. Whether working independently or with other developers, our company has produced some of the most successful projects in New Jersey. Downtown Jersey City and the Journal Square district of Jersey City are thriving today due, in part, to the positive impact of Panepinto Properties’ residential and office developments. Panepinto is now sharing its unique perspective with developers and partners nationally and internationally as it builds on its Jersey City success.

Recently, Panepinto Properties has expanded its operations and scope through several affiliated companies, including Panepinto Global Partners and Panepinto Fine Art. Panepinto Global Partners (PGP) focuses on foreign development, investment opportunities and global expansion. PGP has participated in large-scale international real estate opportunities in South Korea.

Panepinto Fine Art offers a personalized service that creates and sourcing a comprehensive and quality art collection focused on contemporary art for luxury hotels, residential and office buildings; working with developers, interior designers and artists.

About Panepinto Global Partners

Panepinto Global Partners is a real estate development company with a focus on foreign development and investment opportunities. Today, a U.S. company’s future success relies on a global perspective to doing business. With a closer integration of world markets, greater exchange of people and ideas, and wider transfer of intellectual and financial capital, PGP is leading the way with global expansion.

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