30% Increase in Budget for ‘Daejeon Station Area’ Redevelopment Project... Approved by Central Investment Review

Land Use Plan Map of Daejeon Station Area. Provided by Daejeon City

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The redevelopment project budget for the Daejeon Station area has been increased by 30%.

The Daejeon City government announced on the 10th that the increased budget for the Daejeon Station area redevelopment project recently received conditional approval at the Central Investment Review Committee meeting and the Local Finance Central Investment Review.

The conditions include measures to strengthen the public nature of the project by installing facilities such as libraries and convenience facilities, as well as revising the mid-term local finance plan.

The initial budget for the Daejeon Station area redevelopment project was set at 293.3 billion KRW during the first Central Finance Investment and Loan Review in 2012. However, due to changes in the redevelopment promotion plan such as the expansion of Donggwangjang-gil in 2015 and the incorporation of Sinan 2 Station Park, and the inclusion of Soje Central Park in the district in 2019, the total project cost increased to approximately 415.5 billion KRW.

The city underwent a re-examination based on these changes and passed the central investment review. This is expected to accelerate the progress of the Daejeon Station area redevelopment.

Based on revitalizing the old downtown and promoting balanced urban development, this project focuses on creating a complex urban infrastructure including residential, commercial, business, cultural, and convention facilities on a 923,065㎡ site around Daejeon Station.

Among these, four road expansion projects including the Donggwangjang-gil expansion (152.2 billion KRW) and two park construction projects including Sinan 2 Station Park (86 billion KRW) are financial projects included in the leading infrastructure projects, with a total investment of 238.2 billion KRW (91.8 billion KRW from the national government and 146.4 billion KRW from the city government).

The city plans to accelerate the private development project of Complex Zone 2, which includes various functions such as commercial, business, and residential, as well as the redevelopment projects of Central 1 and Samsung 4 districts through leading infrastructure projects such as the Donggwangjang-gil expansion and park construction projects.

Additionally, the city shows determination to proceed without delay with the public housing construction for the shantytown that combines residential welfare and urban regeneration on the north side of Daejeon Station, as well as the innovation city development project for the Daejeon Station area district decided on October 29.

Kim Jun-yeol, Director of the City Housing Bureau, said, “The Daejeon Station area is the most slum-like among special and metropolitan city station areas. The city will accelerate the redevelopment project following the central investment review approval and ensure that the Daejeon Station area plays a leading role in driving the local economy.”

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