Starting the Creation of Songpa Youth Venture Incubator

Songpa Youth Complex Facility to be built on a 11,277㎡ site including the aging public office Bangi 2-dong Community Center, with 3 basement floors and 22 floors above ground... Aiming to stabilize housing for young people, create jobs, and improve local public services, promoted as a key district project in partnership with Korea Land and Housing Corporation (LH)... Completed the Ministry of the Interior and Safety's central investment review procedure on the 19th of last month

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) is initiating the creation of the Songpa Youth Venture Cradle.

Songpa-gu is conducting an architectural design competition for the ‘Songpa Youth Complex Facility,’ which will serve as the Songpa Youth Venture Cradle.

The Songpa Youth Complex Facility will be constructed on a 11,277㎡ site including the aging public office Bangi 2-dong Community Center, with a scale of 3 basement floors to 22 floors above ground. The project aims to stabilize housing for young people, create jobs, and improve local public services, and is being promoted as a key district project in partnership with Korea Land and Housing Corporation (LH).

To this end, the central investment review procedure by the Ministry of the Interior and Safety was completed on the 19th of last month. Having been selected last September as a target for the ‘Ministry of Land, Infrastructure and Transport’s Aged Public Office Complex Development Competition,’ the project was exempted from the central investment review that assesses the necessity and feasibility of the project.

Accordingly, Songpa-gu explained that the foundation to fully implement the Songpa Youth Complex Facility has been established.

They also announced plans to proceed with the architectural design competition starting in March to finalize detailed project plans. Afterward, they will carry out the project approval process to complete it within this year, begin full-scale construction early next year, and have the Songpa Youth Complex Facility established by 2023.

Earlier, in October last year, the project was selected as a target for the ‘2020 Living SOC Complexification Competition’ by the National Balanced Development Committee, securing approximately 3.4 billion KRW in national funding, a remarkable achievement.

In the same month, a basic agreement (MOU) for joint project implementation was signed with LH.

In November last year, a residents’ briefing session was held to share the progress of the project with local residents and officially announce the project promotion.

Park Seong-su, Mayor of Songpa-gu, stated, “The youth population aged 19 to 39 in Songpa-gu is 220,000, the largest among Seoul’s autonomous districts. We will support them to nurture excellent young entrepreneurs and further create a new form of youth ecosystem.”

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