On February 10, 2017 (Friday), IFEZ signed a project agreement with the Cheongna City Tower Consortium, joined by Korea Land and Housing Corporation, Boseong Industry, Hanyang, and Tower Escrow, for the City Tower and mixed-use complex project in Cheongna International City. The project was launched with a total investment of KRW 400 billion (approximately USD 348 million) to develop a City Tower rising 448 meters above ground level, or 453 meters above sea level, along with surrounding mixed-use facilities at Cheongna Lake Park. The Cheongna City Tower was planned as a landmark with tourism, observation, and cultural functions, and was expected to enhance the urban competitiveness of Cheongna International City and promote tourism.