In a major development that underscores Busan’s urban landscape ambitions, the Busan Lotte Tower is slated to grace the city skyline as a defining structure by the first half of 2026.
According to Lotte Shopping on the 16th, the company is poised to kick off construction, with a groundbreaking ceremony scheduled at the Busan Lotte Tower construction site at 11 am on the 17th.
This announcement comes 27 years after acquiring the former site of Busan City Hall located in Jung-gu, Jungang-dong, and 23 years post securing building permissions for the 428m, 107-floor skyscraper. The project had been in limbo due to various disputes with the city regarding its feasibility and other related concerns.
The planned Busan Lotte Tower is set to rise to a height of 342.5m with 67 floors, which will position it as the third tallest building in South Korea, following Seoul’s Lotte World Tower (555m) and Busan’s LCT Landmark Tower (411m).
Lotte Shopping envisions the Busan Lotte Tower to emerge as a top tourist attraction in the region. The upper levels will feature a distinctive rooftop observation deck offering a panoramic 360-degree view of Busan. In contrast, the lower levels are planned to house a plethora of unique stores, aiming to pull in both local and international tourists to its integrated shopping complex.
In its commitment to the swift construction of the tower, Lotte Shopping established a dedicated task force (TF) for the Busan Lotte Tower this past May and appointed Lee Jin-woo as the TF leader. This team will oversee the construction, design, and monitoring until the tower’s completion, while also managing future operational strategies, playing a pivotal role in the tower’s entire lifecycle.
Both Busan City and the Lotte Group are optimistic. If Busan secures the 2030 World Expo, the Busan Lotte Tower is expected to be the crowning jewel of the Northern Port area where the expo is to be hosted. The structure is also anticipated to play a significant role in revitalizing the economic activities in the city’s historic downtown.
Kim Sang-hyun, the head of Lotte Group’s Distribution, commented, “The construction of the Busan Lotte Tower marks the beginning of an exciting new chapter for Busan. Our aim is for this landmark to help position Busan as a globally-renowned tourist destination. We are committed to giving it our best.”
The groundbreaking ceremony will witness the presence of notable figures including Park Heong-joon, Mayor of Busan; Kim Sang-hyun, the head of Lotte Group’s Distribution; and Jung Jun-ho, CEO of Lotte Department Store.
