Urban Regeneration in Yeongdeungpo Gyeongin-ro Area, 49.9 Billion KRW Invested by 2023

Utilizing Mixed Local Assets of Manufacturing, Arts, and Commerce to Attract Youth
Cultural Space Created Linking Daesun Flour Mill Factory and Mullae Art Village
Industrial Innovation Center for Prototype Production Leveraging Mullae-dong's Manufacturing Strengths

[Asia Economy Reporter Yuri Kim] Seoul City will invest a total of 49.9 billion KRW by 2023 for urban regeneration of the 520,000㎡ area around Yeongdeungpo Gyeongin-ro.

On the 26th, Seoul City held the 2nd Urban Regeneration Committee meeting and announced on the 27th that the urban regeneration activation plan for the Yeongdeungpo Gyeongin-ro area was 'conditionally approved.'

Although Yeongdeungpo is one of the three central areas designated in the '2030 Seoul Plan,' it is dotted with old buildings and aging small factories. In February 2017, Seoul City designated the Yeongdeungpo Gyeongin-ro area as an 'economic base-type urban regeneration activation area' and over two years conducted expert advisory committees, consultations with related agencies such as the Ministry of Land, Infrastructure and Transport for utilizing Yeongdeungpo Station history, workshops to discover regeneration projects, and resident public projects.

According to this plan, the Yeongdeungpo Gyeongin-ro area will be reborn as a southwestern industrial·cultural·commercial hub. Based on unique regional assets where manufacturing, industrial heritage, culture and arts, and complex commercial facilities coexist, the plan aims to strengthen competitiveness by promoting coexistence of existing and new industries and transforming the Daeseon Flour Mill factory into a cultural space. The basic direction is to innovate the industrial ecosystem to attract young small business owners and artists and enable fusion with existing root industries such as machinery and metal industries, making the area a startup and job hub combining manufacturing and cultural arts industries.

To allow young small business owners and artists to work without worrying about rising rents, industrial and artistic rental spaces will be created. The goal is to provide up to 1,000 spaces in shared facilities, newly constructed buildings on the GS parking lot site, and new buildings on the former Guro Tax Office site. One floor (3rd floor above ground) of a 20-story mixed-use residential building to be built on a currently parking lot near Times Square will be industrial rental space (3,652㎡), and floors 5 to 20 will be private rental housing. Completion is scheduled for the first half of 2022.

At Yeongdeungpo Station, a Factory Platform will be established as a space supporting technology startups and revitalization of the surrounding industry. It will include incubation spaces for young small business owners, coworking spaces, and a permanent sales area for fair trade and social enterprise excellent products. Previously, the city, Ministry of Land, Infrastructure and Transport, Korea Rail Network Authority, and Yeongdeungpo District agreed to require public facilities for revitalization of Yeongdeungpo and Gyeongin-ro areas when selecting the private operator for Yeongdeungpo Station. Currently, negotiations are underway with Lotte, the selected operator, regarding detailed space creation plans.

As anchor facilities for industrial regeneration, more than three Industrial Innovation Centers equipped with shared spaces and equipment for prototype production will be established in the Mullae-dong area. An online system will also be implemented. The 'M.Y Factory Information System,' an online site where purchasing of products made by small business owners and artists, job matching for businesses, and ordering and receiving of prototypes are all conducted in one place, is planned to be completed within this year.

Cultural hub creation and related projects based on Mullae Art Village will also proceed. Including SPACE-M, a public space within Daeseon Flour Mill, Seoul City's first private-led regeneration project, about 1,000㎡ will be operated as a cooperative space for local artists.

Infrastructure improvements will be made simultaneously. Pedestrian environments will be improved and specialized streets created along Gyeongin-ro, south side of Daeseon Flour Mill Yeongdeungpo factory, and Mullae Creative Arts Village area. Approximately 200 urban manufacturing companies will be selected to receive support for facility improvements to reduce pollution, noise, and energy consumption, improving workplace conditions.

Kang Maeng-hoon, Director of Seoul City Urban Regeneration Office, said, "We will continuously support this urban regeneration project to help the development of manufacturing and cultural industries and establish spatial foundations for the IT industry with minimal public intervention, so that it can be a project involving local residents."

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