Construction of Youth Startup Center in Bangi-dong, Songpa-gu

Songpa-gu and LH Corporation Sign Implementation Agreement for Bangi-dong Aged Public Office Complex Development Project on the 3rd... Target Completion in the Second Half of 2023

Perspective view of Songpa Bangi Startup Support Housing

[Asia Economy Reporter Jongil Park] Songpa-gu (Mayor Park Seong-su) signed a joint business implementation agreement with Korea Land and Housing Corporation (LH) on the 3rd for the joint project of the Songpa Bangi Old Public Office Building (Job-Linked Startup Support Housing) Complex Development Project.

Since the launch of the 7th local government in 2018, the district has been striving to create spaces supporting youth housing, employment, and startups by utilizing inefficient public facility sites.

This agreement outlines the roles and responsibilities as joint project operators of the ‘Bangi-dong Old Public Office Complex Development Project,’ including cost sharing and settlement, ownership and management of buildings, and other detailed matters related to project promotion.

Through the ‘Bangi-dong Old Public Office Complex Development Project,’ a complex facility with 2 underground floors and 17 above-ground floors will be constructed on a 11,276㎡ site around Bangi 2-dong Community Center (495 Baekjegobun-ro).

The project plans to expand public infrastructure that was lacking in the living area by establishing a modernized community center, welfare center, library, daycare center, care center, and various other living SOC facilities.

In particular, startup support facilities and startup support housing (160 units) will be developed together to provide one-stop solutions for youth housing stability, employment, startups, and integrated cultural administrative services.

The startup support facilities will be offered at lower rents compared to similar nearby offices, attracting angel investment institutions and providing systematic support from startup preparation to commercialization.

Additionally, Bangi Neighborhood Park within the project site will be newly renovated as an open-themed space, and a two-level public parking lot (383 spaces) will be constructed underground to solve parking difficulties and contribute to revitalizing local commercial areas such as Bangi Matgol.

This project, a core initiative of Songpa-gu’s 7th local government, began in earnest after being selected in 2019 through the Ministry of Land, Infrastructure and Transport’s public contest for old public office complex development projects. Along with subsidiary procedures such as the Ministry of the Interior and Safety’s central investment review and shared property deliberation, the Ministry of Land, Infrastructure and Transport’s project plan approval was completed in December last year, and construction is about to commence.

Currently, existing public facilities within the project site, including Bangi 2-dong Community Center, Bangi Welfare Center, and senior citizen centers, have completed relocation. Relocation of obstacles within the site for demolition is underway, and once demolition is completed, construction is scheduled to begin in the first half of the year.

Construction will be carried out by a consortium of Kolon Global and Dongbu Construction, selected by LH Corporation, aiming for completion in the second half of 2023. The construction company will participate from the design stage and implement a ‘Construction Management (CM) method with construction responsibility,’ minimizing design changes, reducing project costs, and shortening construction periods to enhance efficiency.

Park Seong-su, Mayor of Songpa-gu, emphasized, “We will create a cradle for youth ventures and a new growth hub in the era of the 4th Industrial Revolution on inefficient public facility sites,” adding, “We will establish a foundation for nurturing startup talents in sports and tourism sectors fused with information and communication technology (ICT) by utilizing local resources such as the Korea Sports Promotion Foundation, Korea National Sport University, and Olympic Park.”

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