YG Entertainment will be investing 100 billion won (approximately $92 million USD) in the construction of a big state-of-the-art k-pop venue in the city of Uijeongbu, just north of Seoul.
According to a statement released by the city of Uijeongbu, the Governor of Gyeonggi, the Mayor of Uijeongbu, and Representative Yang Min Suk from YG will come together to finalize the deal at the Uijeongbu City Hall on January 16.
The venue, to be named K-Pop Cluster, will cover a 49600 square meter of space, close to the highway and in an accessible location from the Incheon airport and downtown Seoul.
YG Entertainment will invest both in buying land for the site and the construction of the venue.
K-Pop Cluster, expected to open in 2018, will consist of a concert stadium, five smaller concert halls, residence hotel for musicians, recording studios, a shopping mall, and other various tourist attractions.