Seoul Jeongdong Urban Regeneration Residents' Council Advances into a Cooperative

Establishing a Cooperative Led by Resident Councils to Create a Proactive Self-Reliance Foundation
Building a New Governance Model for Central Urban Regeneration Projects

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 15th that a community-led social cooperative has been launched within the 'Jeongdong Area Urban Regeneration Project' zone. The cooperative is named ‘Seoul Jeongdong Social Cooperative’.

The Jeongdong Residents' Council has actively participated and engaged with exceptional attachment and passion from the early stages of the project, involving local organizations, institutions, and residents. They united their will to participate in the project themselves and manage the area, leading to the establishment of the cooperative.

Seoul City stated that the Seoul Jeongdong Social Cooperative is the first case where a residents' council took the lead in establishing a social cooperative during the implementation phase of a central urban regeneration project.

The Seoul Jeongdong Social Cooperative, as a nonprofit organization under the local council, participates in Jeongdong historical regeneration-related public projects, urban regeneration company (CRC) selection contests, and the operation of the Jeongdong Historical Regeneration Support Center. It aims to serve as a focal point for continuous regeneration activities and steady maintenance after the regeneration project, growing into an organization that manages and regenerates the area.

Anyone who is a member of institutions or organizations within the Jeongdong area can join as a cooperative member. Members can express their opinions at the general meeting and participate more actively in the regeneration project.

Seoul City expects that the Seoul Jeongdong Social Cooperative will contribute to encouraging participation from various local organizations even after the regeneration project ends, gathering local capabilities to develop and establish a foundation for the unique history, culture, and arts of the Jeongdong area.

Ryu Hoon, Director of the Seoul Metropolitan Government’s Urban Regeneration Office, said, “With the Jeongdong Residents' Council at its core, the establishment of the Seoul Jeongdong Social Cooperative realizes the governance philosophy through a new public-private cooperation model. We hope it will grow into an urban regeneration company (CRC) that inherits and develops the unique local assets of ‘Jeongdong’ in connection with the priming projects promoted by our city and continuously leads local regeneration.”

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