18ha Urban Regeneration Project at Guui Station Begins... 20 Billion KRW Invested Over 5 Years

'Guui Station Area Urban Regeneration Activation Zone' Legal Plan Initiation
Revitalizing the Stagnant 'Food Culture Street'... Linked Development with Nearby 'Advanced Business District'

[Asia Economy Reporter Yuri Kim] Seoul City is starting urban regeneration for an 180,000㎡ area around Guui Station in Gwangjin-gu. The plan aims to revitalize the declining commercial district caused by the relocation of public institutions and to promote regional coexistence by linking with the nearby 'Advanced Business District' development. A total of 20 billion KRW will be invested over five years as seed money.

On the 11th, Seoul City announced that it will begin establishing the legally mandated 'Urban Regeneration Activation Plan,' which serves as the blueprint for the area around Guui Station in Gwangjin-gu. This is the first urban regeneration activation area within Gwangjin-gu, which had been relatively neglected in urban regeneration among the eight autonomous districts in the northeastern part of Seoul.

The area around Guui Station is designated as a central area (Guui District Center) in the '2030 Seoul Plan' and the '2030 Seoul Living Area Plan.' After the Seoul Eastern District Court relocated to Munjeong-dong, Songpa-gu in March 2017, the surrounding commercial district declined. Consequently, in November last year, Seoul City designated this area as a 'Central Area Type Urban Regeneration Activation Area (Downtown Commercial Promotion Type).'

The Urban Regeneration Activation Plan for the Guui Station area will include measures such as expanding infrastructure to revitalize and make the previously declining 'Food Culture Street' a landmark, which had been affected by the relocation of the Seoul Eastern District Court. A 'Coexistence Council' involving landlords, tenants, and residents will also be formed to prevent gentrification, which displaces existing merchants (tenants) due to rising rents in the regeneration area.

In connection with the development of the 'Advanced Complex Business District' on the KT site in the adjacent Jayang 1 District, the plan also includes creating a testbed for advanced 5G-related industries. The goal is to attract related startup companies and entrepreneurs to this area to establish an advanced industry startup ecosystem. Seoul City plans to coordinate not only the seed money projects funded by the city budget but also central government cooperation projects, autonomous district projects, and private investment projects within the activation area.

Measures to improve the residential environment in the low-rise residential areas behind Guui Station will also be prepared. During the service establishment process, Seoul City will appoint a 'General Coordinator' responsible for overall planning and coordination of the Urban Regeneration Activation Plan and will install a 'Field Support Center,' a hub space for urban regeneration, to provide administrative support. To create a self-sustaining structure where residents lead urban regeneration even after the seed money projects, a 'Project Promotion Council' will also be formed.

Seoul City is promoting a service contract to establish the 'Urban Regeneration Activation Plan for the Guui Station Area' based on these contents. The city plans to complete the establishment of the Urban Regeneration Activation Plan by July next year and, after completing related procedures, to officially start the seed money projects from September next year.

Companies wishing to participate can submit proposals and required documents to the Northeast District Project Division of Seoul City from the 12th to the 14th. The final company will be selected through deliberation by an evaluation committee composed of experts. Detailed information can be found on the Seoul City website and the Public Procurement Service (Nara Marketplace).

Kim Seon-soon, Head of the Regional Development Headquarters of Seoul City, said, "The area around Guui Station has high potential," adding, "We will do our best to support the revitalization of the declining local commercial district and help it grow into a representative area that injects socio-economic vitality as a living center in the northeastern region."

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