An artist's rendering shows the development plan for the Yongsan International Business District in an empty former railyard of central Seoul's Yongsan District, scheduled to be completed by 2030. Courtesy of Seoul Metropolitan Government

A 100-story landmark building will be built in central Seoul's Yongsan District, which will also feature a pedestrian bridge linking buildings at the 45th-floor level, the Seoul Metropolitan Government said, Monday.

These are part of the city government's revived plan to transform the 500,000-square-meter former railyard into an international business district.

The land has been vacant for 10 years after the previous development plan had been canceled due to the global economic crisis. The state-run railway operator KORAIL holds 70 percent ownership of the land.

The development project is the first part of Seoul Mayor Oh Se-hoon's plan to develop Seoul, dubbed Seoul Vision 2030. Once all phases are complete, the world's largest "vertical" city, 4.4 times the size of Hudson Yards, a real estate development in New York, will be built in the heart of the capital.

"Yongsan, due to its geographical condition, has long been considered a potential hub of the city connecting to Gangnam and Yeouido as well as an ideal stopover for the country's train lines," Oh said during a briefing. "Developing the district has been delayed until now. I want to get to it before it's too late."

Construction is scheduled to kick off in the second half of next year and businesses will be able to move into the urban hub by 2030 at the earliest.

Under the city's plan, the international business zone will house the landmark skyscraper with office space for financial and ICT companies, as well as accommodate MICE and hotel facilities, an intercity transfer center and a cultural complex featuring a concert hall and a library in the lower level.

The business complex zone covering 104,905 square meters will house artificial intelligence (AI) and big data corporate facilities in affiliation with Yongsan Electronics Market and Hyundai's research and development center.

The 45-story office buildings here will be linked by a 1.1-kilometer-long sky trail, which will offer spectacular views of the capital, the city government noted.

An artist's rendering shows the sky rail that links office buildings at the 45th-floor level and an extensive green space in the Yongsan International Business District. Courtesy of Seoul Metropolitan Government

Additionally, the 95,239-square-meter business support zone will feature a residential area, as well as education and cultural facilities.

The new business district will also feature an extensive green space expanding 80,000 square meters that will connect the urban hub to the Han River and Yongsan Park areas, as well as eco-friendly forms of transportation, such as autopilot shuttles and urban air mobility (UAM).

The 51.1 trillion won ($38.3 billion) project will generate economic ripple effects, including creating about 146,000 jobs and sparking 32.6 trillion won worth of production, according to the city government.