Mokdong Retention Basin and Sports Field Development... Transforming into Venture and Sports Industry Spaces

[Asia Economy Reporter Onyu Lim] The Mokdong Retention Basin and Mokdong Stadium area in Mokdong, Yangcheon-gu, Seoul, will be transformed into a venture incubation space and a sports industry cluster.

On the 19th, the Seoul Metropolitan Government announced that it will proceed with a basic planning project for the development of 251,877㎡ in the Mokdong Retention Basin and Mokdong Stadium area.

The Mokdong Retention Basin area will be developed as a specialized space for nurturing small and medium-sized venture companies, while the Mokdong Stadium area will be planned as a complex sports industry cluster. A Seoul city official explained, "The goal is to enhance the status as the central city of the southwestern Seoul area and to create a successful model for regional development."

To this end, the Mokdong Retention Basin area will be developed as a startup incubation hub by consolidating support infrastructure for the life cycle of small and medium-sized venture companies. In line with the plan announced by the Small and Medium Business Corporation in April last year to create the Mokdong Retention Basin Small and Medium Venture Company Innovation Growth Valley, Seoul is actively building a cooperative system with Yangcheon-gu, central government ministries, and experts to research practical measures and realize the project.

The Mokdong Stadium will be developed as a health and sports industry cluster including the construction of a sports medical science center, a sports-themed comprehensive cultural space, and an extreme sports park. The stadium will undergo remodeling due to aging facilities to establish a complex plan.

Although the Mokdong Retention Basin and Mokdong Stadium area is adjacent to Omokgyo Station on Subway Line 5 and Anyangcheon-ro, providing excellent transportation accessibility, there has been a lack of retail and office functions in the central Mokdong area.

Furthermore, as the momentum for regional revitalization declines, development linked with nearby broadcasting and communication facilities is needed. A Seoul city official stated, "There is a need for a space that can grow into a venture company incubation and cultural hub by utilizing existing outdated facilities, and we plan to establish a core growth strategy for the future southwestern area."

Companies wishing to participate in the basic planning project for the development of the Mokdong Retention Basin and Mokdong Stadium area can submit proposals and required documents to the Seoul Metropolitan Government's Southwestern Area Project Division from the 7th to the 9th of next month. The final company will be selected through deliberation by an evaluation committee composed of experts.

Kim Seonsun, head of the Seoul Metropolitan Government's Regional Development Headquarters, said, "The Mokdong Retention Basin and Mokdong Stadium area is located within the central Mokdong area with good accessibility, making it a place with great potential for regional development. We will concretize a customized regional hub development strategy to create future growth engines and develop it as a base for revitalizing the southwestern regional economy."

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