The Seoul Metropolitan Government and Hyundai Motor Group will pursue the construction of a global business complex at the old site of the Korea Electric Power Corporation in Seoul’s Samseong-dong area by 2031.

The city government said Tuesday that the two sides completed negotiations on December 30, after Hyundai submitted a proposal in February to build three 54-story buildings instead of the single 105-story building envisioned in an earlier plan.

The two sides ultimately agreed that the 79-thousand-square-meter site will have three 49-story buildings featuring a hotel, shops, and exhibition and concert halls in addition to office space.

City officials said there will be space on the top floor to observe the Han River and the urban landscape in Seoul’s Gangnam District.

At the center of the complex will be an urban forest bigger than Seoul Plaza in front of City Hall.

Hyundai Motor Group and the city government agreed to set public contributions at one-point-98 trillion won, or around one-point-four billion U.S. dollars, which the city of Seoul will direct toward other development projects in the city.

The construction project is expected to cost five-point-24 trillion won.