Seoul to replace historic Bank of Korea fountain with 7,000-capacity plaza
A rendered image shows the proposed open plaza at the former Bank of Korea fountain site in central Seoul. Courtesy of Seoul Metropolitan Government
At a hectic intersection in central Seoul, a quiet piece of 1970s history is about to make way for the future.
City officials plan to relocate the decades-old fountain in front of the Bank of Korea to carve out a sprawling, 7,000-capacity plaza — transforming one of the capital's busiest tourist corridors into an open pedestrian hub for walking, relaxation and public festivals.
The site sits along a tourism corridor linking the downtown shopping districts of Myeong-dong, Namdaemun Market and neighboring Mount Nam and regularly draws large crowds, particularly during year-end celebrations and major events.
The redesigned plaza will remove the fountain and other obstacles that currently divide the space, expanding capacity from about 2,300 people to roughly 7,000.
Officials said the larger footprint is intended to ease crowding and improve safety while giving visitors more room to stop and spend time rather than simply pass through.
The city plans to connect the plaza with cultural programs, including an outdoor library, busking, K-pop performances, a floor fountain, Seoul Summer Beach and Christmas festivals.
The space will also be linked with large-scale media content at Myeongdong Square, as the city seeks to turn the area into a destination where visitors can stay and experience Seoul’s culture.
The city said it aims to develop Myeong-dong into one of the world’s top three tourism destinations, alongside Times Square in New York and Shibuya in Tokyo.
The fountain, installed in 1978, will not be demolished but restored and moved to the East Gate Plaza of Dream Forest in northeastern Seoul, where repairs will address damage accumulated over decades.
Construction will begin in mid-September, with the existing site leveled for a temporary plaza by year-end, while the permanent plaza and fountain relocation are scheduled for completion in the first half of next year.
Choi Jin-seok, who heads Seoul’s Disaster and Safety Management Office, noted that the site will be reimagined as a public plaza for residents and tourists to stroll, relax and gather.
"The Bank of Korea fountain has stood as a downtown landmark for nearly half a century," Choi said. "Now, that space will be reborn as a plaza where citizens and visitors can walk, relax and take in local culture."
"With heavy crowds expected around the year-end holidays, expanding the area will help ease congestion," Choi added, noting that the fountain itself will be restored and relocated elsewhere rather than demolished to preserve its historical value.
This article was published with the assistance of generative AI and edited by The Korea Times.