Private project progress goal of completion by 2034
Connecting Incheon downtown to Yeouido in 30 minutes
Improving accessibility to Seoul in areas like Yonghyeon-dong and Guwol-dong, ‘ 【Financial News Incheon=Reporter Hahn Gap-soo】 A feasibility study to determine the construction of the fourth Gyeongin Expressway connecting Incheon downtown and Seoul is being conducted. ‘,
, ‘Incheon City revealed on the 14th that it has commissioned the Korea Development Institute’s Public Investment Management Center to conduct a feasibility study on the construction project of the fourth Gyeongin Expressway, which was submitted as a private proposal project in July. ‘,
, ‘The fourth Gyeongin Expressway is the first urban expressway in Incheon, connecting Yonghyeon-dong in Incheon’s Michuhol-gu to Oryu-dong in Guro-gu, Seoul, with a total length of 18.7 km and a four-lane expressway for vehicles. ‘,
, ‘This road will be constructed as a dual carriageway tunnel that passes through underground at a depth of 70 to 80 meters, with a total project cost of approximately 1.8 trillion won. The construction period is 5 years, and it will be progressed through private investment project methods (profit-sharing type). ‘,
, ‘The city expects that once this road is completed, the travel time from major hubs such as Incheon Port and Incheon City Hall to Yeouido and Gangnam in Seoul will be significantly reduced from the current 1 hour to 1 hour 30 minutes to around 30 to 40 minutes. ‘,
, ‘It is also expected that the fourth Gyeongin Expressway will help alleviate traffic congestion by dispersing traffic volumes from the first and second Gyeongin Expressways and contribute to revitalizing downtown areas such as Jung-gu, Michuhol-gu, and Namdong-gu in Incheon. ‘,
, ‘In the past, a feasibility study was conducted for this route even in 2020 when a private proposal was submitted, but the project was suspended due to lack of viability (B/C 0.94). ‘,
, ‘Subsequently, the city included the fourth Gyeongin Expressway in the second road construction and management plan as a metropolitan road network, and made efforts to promote it as a priority project by reflecting it in the 2040 Incheon City Basic Plan and the Port of Incheon Renaissance Master Plan. ‘,
, ‘The city has prepared economic feasibility plans with private investors who have expressed their intention for the project, and has established a foundation for the re-launch of the project by continuously discussing it. ‘,
, ‘The city plans to finalize the private investment project through the Private Investment Review Committee and other procedures after the feasibility study is completed at the end of next year, followed by the third-party proposal announcement, implementation agreement, and aim to complete by 2034. ‘,
, ‘Kim In-soo, head of the transportation department at the city, said, “The fourth Gyeongin Expressway will benefit approximately 700,000 residents in downtown Incheon and will be the cornerstone of the development of downtown Incheon, along with the effect of dispersing traffic from the existing Gyeongin Expressways.” ‘,
Map of the fourth Gyeongin Expressway, where a feasibility study is being conducted as a private proposal project. Provided by Incheon City.
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