The tower is the centerpiece of the new Busan Lotte Town and construction is being carried in two phases. The first phase includes a department store, completed in 2009. The second phase, an addition to the department store, completed in 2010. The third phase will be a mart, and a cinema, which is to be completed in 2014, and the last phase the larger second phase will include a luxury hotel, an observation deck, offices, and cultural facilities in a 107 story skyscraper. The design of the skyscraper is designed to resemble a standing ship, in reference to the city's harbour. The tower's underground parking space will be able to house over 2,400 cars.