Independent lawmaker Ahn Cheol-soo is going to launch a new party in late March, the committee tasked with forming it said Tuesday.
In a press briefing held in Jeju, committee chairman Yoon Yeo-joon said the new party will be in time for local elections in June.
The new political group will put up candidates for all 17 provincial and municipal posts in the local elections, he added.
Ahn said, "I've concluded that the old political framework can no longer meet people's demands and that it's high time for a new political force to come forward."
The committee will try to put some clear blue water between the new party and established organizations. "We're not going to put up compromise candidates or seek solidarity with other opposition parties," Yoon said. "If our candidates win in at least two provinces or metropolitan cities, we'll be happy."
That includes a candidate for mayor of Seoul. "It would be against common sense not to put up a candidate for Seoul mayor," Yoon said.
Incumbent Seoul Mayor Park Won-soon won after Ahn agreed to step aside and let him run as the sole progressive candidate in 2011.
The party's name will be decided in a popular contest.