Lotte finally got go-ahead sign for the “Lotte World ll” project, 112-story skyscraper.
The site is located 5.7 kilometers away from Seoul Airport, a key Air Force installation integral to the defense of the capital area from North Korea.
The government had stood by the side of National Defense Department for possibility that existence of the high-rise tower would pose a collision risk to planes using the airport. And the administration set the high at 203 meters and banned from building 555-meter skyscraper. Under a compromise plan, however, the military will alter the direction of a runway to ensure flight safety and Lotte will cover the full costs of the overhaul, according to the office.
By building it, Lotte expects the number of tourists in Korea to increase by two million, from 1.5 million foreign visitors annually, through which foreign exchange earning can be expected to reach at least $200 million per year.
The administration also hopes to use it to bolster the nation's construction sector, which accounts for roughly 18 percent of the country's gross domestic product