$3B Green Educational/Medical/Leisure District Planned for South Korea
- Nov 13, 2008
Boston-based C Change Investments, Bio Medical City Inc. of Seoul, Korea and two government agencies of the Republic of Korea have joined forces to market, manage and develop a $3 billion sustainable educational, medical and leisure district in Sejong, Korea, the Republic’s new capital city, which has been under construction since last year. Korea wants the mammoth new district, like Sejong as a whole, to be a near-zero carbon emission development employing state-of-the-art clean building systems and technologies. The two government agencies, the Multifunctional Administrative City Construction Agency and the Korea Land Corp., will help secure about 2,000 acres for the new district, which will be called the Medical Science Green City. Bio Medical City, a firm that develops healthcare and educational facilities in Asia, is the lead developer on the project. C Change Investments will help raise funds to finance the project, while seeking out sustainable, clean technologies to be incorporated in the district’s structures. C Change is a new firm founded by Russell Read, the former Chief Investment Officer of CalPERS, and John Preston, the former director of MIT Technology Development and an expert in commercializing new technologies. The firm pursues investments that address global challenges in natural resource consumption and energy demand, while protecting the environment. The dual goals of investing in clean projects and finding clean technologies to bring to market sets C Change apart from other investment companies.