Sunday, October 5, 2014

Task #2-Interesting Parcel of Real Estate


Lotte World Tower


The Lotte World Tower is the supertall building in the capital of South Korea, Seoul. This tower fascinated me when the government and Lotte Inc. announced that they were going to build because it is located close to where I grew up. Once completed, it will be the tallest building on the Korean peninsula, a title currently held by North Korea's Ryugyong Hotel.

After 13 years of planning and site preparation, the tower gained final approval to start construction by the government in November 2010 and the first groundbreaking activities of piling and frame assembly was observed at the construction site on March 2011.
As of July 2014, nearly 70 floors have been completed. Once completed, it will be 1,824 ft tall with 123 floors above ground. 
Concerns:
Sinkholes- Starting in June 2014, residents in surrounding neighborhoods began to notice small sinkholes forming and a nearby lake had been shrinking. The cause of this is unknown but authorities have said they are unrelated to the construction of the tower. However, an advisory team of lawyers, engineers, architects, environmentalists and university professors were asked to submit their opinions on the construction site, if there are any dangers to the tower, and to see if indeed the sinkholes are caused by the tower's construction.
Traffic- The area called Jamsil is traditionally packed with people and vehicles. There are three lines of subway and a number of buses and bus stops. This area already has problem with this unsolvable traffic jam. The residents of the area are unwelcoming this giant building which increase enormous number of people and vehicles. Neither the governmental authorities nor the Lotte Inc. has suggested the solution. It is obvious that the traffic problem will be worse. 


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