Busan City has officially launched development of the long-awaited Quantum Landmark Tower, a USD 1 billion mixed-use complex centered on quantum computing. The 60-story skyscraper will be built on the former Sega Sammy site in Centum City, a key waterfront district that had remained undeveloped for over two decades.

The project is being led by the PIA Hines Quantum Landmark Tower Busan Private REIT, a joint venture between U.S.-based real estate developer Hines and Korean alternative investment manager PIA.

Land Acquisition Nearly Complete

On March 26, the REIT paid its second land acquisition installment of USD 59.3 million to Busan City, bringing the total to USD 129.5 million—or 92% of the full land price (USD 140.4 million). The remaining balance is expected to be settled within the first half of 2025.

This marks a major milestone for a site that has seen more than two decades of failed development attempts and vacant land. 

The development will cover a total floor area of 182,373 square meters across six underground levels and 60 floors above ground (B6–60F). The program includes:

• Office space: 55,548 sqm
• Officetels (primarily residential-use units): 92,731 sqm
• Retail: 20,166 sqm
• Neighborhood amenities: 6,402 sqm
• Sports facilities: 7,526 sqm
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Note: In South Korea, officetels are a hybrid property type that combine residential and commercial zoning. In this project, they are intended primarily for residential use, targeting professionals and long-stay residents.

The building is expected to house global and domestic quantum computing companies, including IBM. The developers have stated that quantum computers to be installed in the facility will be capable of solving in 200 seconds what traditional supercomputers would take 10,000 years—positioning the tower as a next-generation technology hub.

An environmental impact assessment began public review on March 25 and will continue through April 22. A community briefing was held on April 4, and a building permit application was filed on March 28. These steps signal that full administrative procedures are now underway.

Construction is planned to begin later in 2025, with completion targeted for 2030. Phased leasing and marketing are expected to roll out in parallel.

The Centum City site has remained vacant for more than 25 years:

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• In 2001, Hyundai Department Store was selected as the preferred developer, but the project collapsed by 2012.
• In 2013, Japan’s Sega Sammy Holdings acquired the land for a resort complex but later abandoned the plan, citing oversupply in the hotel market.
• Busan City reacquired the site in 2017 and conducted six public development offerings between 2018 and 2022—all of which failed—until the current project was secured.

A city official stated, “We received the building permit application on March 28. With all major administrative procedures now in progress, development is expected to proceed in full swing.”

This article was originally published by Corebeat on April 2, 2025.