Principals from Jersey City-based Panepinto Properties recently joined representatives from Incheon City in South Korea and Korean Air Lines to sign a memorandum of understanding to execute a $5.1 billion development project in South Korea. From left: Incheon Free Economy Zone Commissioner Wonsik Yun, DP International President Yongran Kim, Incheon Mayor Jeongbok Yoo, Joseph Panepinto Jr. of Panepinto Global Partners, Panepinto Properties Founder and CEO Joseph Panepinto Sr.; Panepinto Global Partners Vice President John Seunghwan Cho and Korean Air Lines Director Seungjoon In. — Courtesy: Panepinto
By Joshua Burd
Panepinto Properties is embarking on another major project in South Korea, having agreed to spearhead a $5.1 billion mixed-use development near Seoul-Incheon International Airport.
The Jersey City-based firm and its affiliate, Panepinto Global Partners, recently signed a memorandum of understanding with Incheon City to oversee the plan, which will include 330,000 square meters of office space, 7,000 condominiums and 1,000 so-called officetel units for living and working. The 1.8 million-square-meter project will focus on two adjacent development districts on Yeongjong Island, opposite the airport, as part of a plan to consolidate and relocate Korean Air Lines’ offices and other ancillary facilities.
Panepinto signed the MOU during a recent visit to Jersey City by Incheon Mayor Yoo Jeong-bok.
“Leveraging nearly five decades of expertise in developing coastal cities, we are thrilled to embark on this initiative in such a strategically significant location,” Panepinto Global Partners Joseph Panepinto Jr. said. “This large-scale, multifaceted project underscores Incheon’s emerging role as a global hub and aligns with our commitment to fostering international collaboration and sustainable urban growth.”
Panepinto, an iconic development firm in Jersey City, is no stranger to building in South Korea. It has done so for nearly 15 years, with projects including the Bucheon City Living development in the Seoul metro area and the Prugio residential complex on the Songdo Global University Campus, in collaboration with Daewoo Engineering & Construction Co.
The newest project, which will support the growth of air travel at Seoul-Incheon International Airport and the Korean Air merger with Asiana Airlines, will feature striking high-rises ranging from 59 to 79 stories that will integrate with landscaped parks and vibrant entertainment facilities, the news release said. The new Korean Air Lines headquarters will occupy all the planned office space, creating a consolidated base for both teams.
“Yeongjong International City, which is connected to the world’s best airport, ground-linked transportation network and ports, and has been designated as a free economic zone, making it advantageous for attracting businesses, is the optimal location for an aviation complex cultural city,” Yoo said. “Through close cooperation with Panepinto, Korean Air and others, we will create a special aviation city where culture is integrated and Incheon takes another leap forward as a leading aviation city.”
According to the news release, Seoul-Incheon International Airport is a major global hub that ranked fourth among the world’s best airports in 2023. It was the second-busiest airport by cargo traffic in 2022 and ranked third for international passenger movements in 2024, while it significantly increased capacity in 2018 with the opening of a second terminal.
The final phase of Terminal 2’s construction is set for completion this year and will raise capacity to 100 million passengers per year, the news release said. That will dovetail with several other major infrastructure projects coming to the city including the Yeongjong-Cheongna Bridge and a high-speed rail line to connect Incheon Airport to central Seoul and beyond.
In a separate ceremony that underscores the deepening relationship between Jersey City and Incheon, Yoo joined Jersey City Mayor Steven Fulop, other city officials and Panepinto leadership at the Jersey City waterfront to unveil a new inscription on the existing Korean War Memorial. Panepinto said the addition to the memorial, which it spearheaded along with Jersey City Veterans Affairs Director Juliet Health and Human Services Director Stacey Flanagan, highlights Incheon’s significant role during the Korean War, featuring a drawing of U.S. General Douglas MacArthur, who led U.S. and United Nations forces during the conflict.
“This is really a momentous event. It’s important to remember these past conflicts where many people lost their lives,” Panepinto said, referencing the memorial dedicated to the men and women from Hudson County who were killed during the Korean War. He later elaborated on the historical significance of the Battle of Incheon in September 1950, where MacArthur’s bold landing of troops changed the tide of the war.
“It really did save the country, and the freedoms and democracy South Korea has become today.”
