Aging and Hazardous Yeongjin Market in Yeongdeungpo... Redevelopment into 25-Story Building for Residential, Retail, and SOC Use

[Asia Economy Reporter Kim Yuri] The Yeongjin Market and apartment complex in Yeongdeungpo-gu, Seoul, which had a high risk of collapse due to its age, will be reborn as a 25-story apartment complex for sale and rent, along with retail facilities, officetels, and living SOC.

On the 6th, Seoul City held the 6th Urban Planning Committee meeting and announced on the 7th that it had "approved with modifications" the designation of Yeongjin Market (apartment) in Yeongdeungpo-gu as an urban maintenance-type redevelopment zone and the redevelopment plan.

Yeongjin Market is an old traditional market built in 1970. It was selected as a market maintenance project area in 2003 and the project was promoted, but it was delayed for a long time due to conflicts of interest among residents. Due to the delay in project promotion, it became aged and received an E grade safety rating in 2017. Seoul City applied for the site under the new urban regeneration system (urban regeneration recognition project), and it was selected as a pilot project site at the 21st Urban Regeneration Special Committee of the Ministry of Land, Infrastructure and Transport at the end of last year.

This designation of an urban maintenance-type redevelopment zone and redevelopment plan is the first case of "emergency maintenance zone designation" targeting "unsafe buildings" that threaten residents' safety in daily life within the city. A public implementer will be designated to promote it as an "urban regeneration-type maintenance project" linked with the urban regeneration recognition project.

The city said, "Yeongjin Market received an E grade disaster risk facility rating in the safety diagnosis, requiring urgent measures to protect residents' lives and property, but redevelopment was postponed due to low project feasibility and there were no proper relocation measures. It will be promoted as an emergency maintenance project under the urban regeneration recognition project and the Urban and Residential Environment Maintenance Act."

The Korea Land and Housing Corporation (LH) will participate as the project implementer. The site area is 2,754㎡, with a total floor area of 22,388㎡, and will supply apartments for sale and rent, retail facilities, officetels, and living SOC in a 25-story building. The seed money of 12.5 billion KRW (5 billion KRW national funds, 7.5 billion KRW local funds) for the urban regeneration project will be used to create temporary relocation stores and public rental stores for original residents to prevent gentrification of small business tenants and to establish living SOC for local residents.

With the approval of this redevelopment plan, retail facilities, multi-family housing, and officetels will be constructed. Along with this, public facilities such as 24 units of public rental housing, public rental stores, and living SOC (Our Neighborhood Gymnasium) will be developed in a complex, which is expected by the city to greatly contribute not only to the maintenance of old hazardous facilities but also to the revitalization of the nearby Boramae Station area.

Kang Maeng-hoon, Director of Urban Regeneration at Seoul City, said, "This Yeongjin Market project is a meaningful project where the public makes upfront investments in collapse-risk buildings through the urban regeneration recognition project to protect tenants and prevent gentrification with circulating temporary stores," adding, "We look forward to an urban regeneration project where residents and the community coexist."

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