Rapidly changing logistics environments such as development of port and hinterland, advent of ULCVs and containerization are causing the life cycle of ports and its facilities to shorten, which gives rise to a need of proper conversion of some port function.
Some advanced countries such as Australia, UK and Japan redeveloped their old port areas and are now utilizing them as citizen-friendly waterfront and valuable tourism resources. After the 1997 Asian financial crisis, Korea successfully restarted its drive for economic growth and achieved a USD 20,000 per capita income level. Furthermore, as a five-workday week system sets in, there is an increasingly rising demand of port redevelopment for citizen-friendly recreational waterfront.
Conventional piers in old port area of North Port in Busan Port are getting dilapidated and New Port is taking up some cargo handling function that was partly done by the piers in the past. Moreover, people are now demanding another aspect of port such as maritime leisure, tourism and passenger transportation center. All of the facts mentioned above spurred Busan Port Authority to undertake Busan North Port Redevelopment Project.
The purpose of this study is to derive the best type of investment method in North Port Redevelopment Project and prioritize evaluation item in evaluation detail list. This study hopes to be utilized as a decision making tool to determine proper investment type of the project and an important indicator throughout the project.