Here in Ansan City on Korea's western coast, the Bandalseom Project is beginning to take shape across Lake Sihwa.
Translated as "half-moon island," the massive development project plans to build various facilities such as a convention center and marina complex.
The artificial island will span across 170-thousand square meters and is set to be completed in 2019 at a cost of nearly 1.1 billion U.S. dollars.
"Korean companies will be able to utilize the space at Lake Sihwa in connection with marine and leisure tourism. I believe it will truly help the local economy and create jobs."
The commercial project is gaining further momentum with considerable interest from foreign investors.
Representatives from 15 Japanese companies have come to Korea to pledge some 313 million dollars in funding.
Investors say the proximity to Incheon International Airport and the area's high growth potential were key factors in their decision to do business here.
"First, we saw that the environment was great. But above else, the surrounding market is good and therefore a decision was made to invest here."
The site hopes to become a landmark of Ansan as new hotel resorts and recreational facilities give local businesses an economic boost, while providing a brighter future for the city and its people.
Paul Yi, Arirang News.