Incheon inks agreement with Kessler Collection, state land corporation on Cheongna I-CON City complex

The Incheon Free Economic Zone Authority signed a memorandum of understanding with U.S.-based hospitality company The Kessler Collection and the Korea Land and Housing Corporation on a culture and tourism complex in Cheongna International City.

Incheon Mayor Yoo Jeong-bok poses for a photo after signing a memorandum of understanding during a ceremony for the Cheongna Culture Contents Complex, also called I-CON City, at Incheon City Hall on Jan. 21, 2026. From left, fourth, are Richard C. Kessler, chairman of The Kessler Collection; Yoo; and Kang Oh-soon, head of regional balance at the Korea Land and Housing Corporation. [INCHEON FREE ECONOMIC ZONE]

The Incheon Free Economic Zone Authority signed a memorandum of understanding on Wednesday with U.S.-based hospitality company The Kessler Collection and the state-run Korea Land and Housing Corporation to move forward with a large-scale culture and tourism complex in Cheongna International City.

The agreement, signed at Incheon City Hall, is aimed at establishing a public-private cooperation framework to develop a mixed-use district that combines cultural, tourism and content-related functions.

The project brings together a local government, a public landowner and private investors as Incheon seeks to expand its culture-led development strategy.

The planned complex, tentatively named Cheongna I-CON City — short for "Incheon Contents City" — will be built on about 260,000 square meters (64 acres) of land designated for foreign investment in Cheongna, located in Incheon’s Seo District.

The development is part of Incheon’s broader K-Content Land initiative, which focuses on attracting global content and entertainment-related projects.

The project will include a luxury boutique hotel, resort and condominium facilities, along with an interactive museum, a K-content tower, visual effects studios, a performance arena, officetel-style residences, housing for older adults and public parks. The goal is to create an integrated district combining culture, tourism, business and residential uses.

The Kessler Collection will serve as the project’s lead developer. The Florida-based company specializes in hospitality projects that incorporate local culture and heritage into hotel, resort and mixed-use developments.

Its portfolio includes the Plant Riverside District in Savannah, Georgia, where a former power plant was transformed into a cultural and tourism destination while preserving industrial structures.

Strategic investors in the Cheongna project are expected to include the Daol Fund and Galaxy Corporation, with SK Securities participating as a financial investor and Posco E&C as the construction partner.

Galaxy Corporation plans to directly operate several core facilities, including the K-content tower, visual effects studios and the performance arena.

Richard C. Kessler, founder and chairman of The Kessler Collection, said Incheon would serve as a key foothold for the company’s expansion into Asia, adding that the project aims to establish a flagship cultural, tourism and content hub for the region.

“The investment will help strengthen the city’s cultural and arts ecosystem, and the city will work closely with relevant agencies and companies to move the project forward,” said Incheon Mayor Yoo Jeong-bok.

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]