Seoul City Supports 'Traditional Market-Residential Area Linked Urban Regeneration' with Around 10 Billion KRW Funding

Pilot Project Sites Linked to Traditional Markets

[Asia Economy Reporter Donghyun Choi] The Seoul Metropolitan Government is launching a new type of urban regeneration project that links declining traditional markets with the surrounding low-rise residential areas. This is the first attempt nationwide at a 'traditional market-linked urban regeneration' model.

On the 7th, Seoul announced that it had selected Jangwi Traditional Market in Seongbuk-gu, Yongdap Shopping Market in Seongdong-gu, and Hwagok Central Alley Market in Gangseo-gu as pilot sites for the traditional market-linked urban regeneration project. The plan is to support each site with approximately 10 billion KRW in project funds by 2023.

The main direction of the project is to break down barriers between market merchants and local residents, realizing a regionally tailored regeneration where the market and residential areas coexist and thrive, fostering the traditional market area as a local hub. While existing market revitalization projects were limited to physical improvements within the market space and focused on market merchants, this project utilizes declining traditional markets as important public assets of urban regeneration to simultaneously drive market revitalization and residential area regeneration.

The entire process will be conducted based on the principle of direct participation and leadership by local stakeholders. A 'resident council' composed of market merchants and local residents will gather opinions to expand social infrastructure such as welfare facilities, roads, fences, and parking lots, improve the physical environment, and restore the local community.

Before selecting the pilot sites, the city selected six candidate sites through a district-level public contest in May last year and supported local residents and merchants to participate and strengthen their capabilities through a six-month hopeful site project. A diverse evaluation committee conducted on-site inspections and in-depth evaluations including quantitative and qualitative assessments of the six candidate sites, ultimately selecting three pilot sites. The evaluation was based on the 'Hopeful Site Project Performance and Basic Concept Proposal' submitted by the respective districts. Emphasis was placed on qualitative factors such as resident and merchant capabilities and participation, basic concept implementation strategies, and project plans. Quantitative factors such as decline indices by neighborhood according to the urban regeneration strategic plan were also considered.

For the selected pilot sites, the city plans to effectively promote the regeneration project based on the basic concepts submitted by the districts. Additionally, areas not selected this time will be supported to strengthen resident capabilities and go through the selection process in future additional contests to expand the project.

Kang Maeng-hoon, Director of Urban Regeneration at Seoul City, said, "Since this is the first pilot project nationwide linking traditional markets with urban regeneration, we expect it to provide an opportunity for market merchants and local residents to independently address local issues and problems in line with the purpose of the regeneration project."

This content was produced with the assistance of AI translation services.