Nowon-gu Confirms Development Plan for Gwangwoon University Station Area... Construction of 49-Story Residential-Commercial Complex

A 49-Story Mixed-Use Building Including Sales Offices and Hotels on a 140,816㎡ Logistics Site Near Gwangwoon University Station, and a 2,694-Unit Residential Complex to Be Completed in 2025...Pre-Negotiations Completed in January 2021, Construction Scheduled for Early 2022...Expansion of Living SOC Including Cultural and Sports Facilities and Youth Startup Support Center Using Public Contributions

Gwangwoon University Station

[Asia Economy Reporter Park Jong-il] Nowon-gu (District Mayor Oh Seung-rok) is set to accelerate the ‘Kwangwoon University Station Area Development Project,’ transforming the logistics site near Kwangwoon University Station in Wolgye-dong into a new economic hub in the northeastern region, featuring office, commercial, and residential facilities up to 49 stories high.

This project, which will be the largest in northeastern Seoul, involves constructing a mixed-use complex with up to 49 floors including retail, office, and hotel facilities, as well as a residential complex with 2,694 households on a logistics site covering 140,816㎡ around Kwangwoon University Station, aiming for completion in 2025.

The Kwangwoon University Station Area Development is divided into three main sectors.

First, the ‘commercial and office land’ will feature three landmark buildings up to 49 stories high, housing hotels, offices, and commercial facilities, establishing a new economic center capable of creating jobs in northeastern Seoul.

The ‘mixed-use land’ will include 11 buildings ranging from 35 to 49 stories, creating a luxury residential complex with a total of 2,694 households.

The lower floors will be developed into a local-centered living street and natural resting spaces that communicate with the surroundings, as well as an open plaza themed around romance, art, vitality, and healing, encouraging various events. This space will support culture, shopping, leisure, and relaxation through attracting stores with unique and diverse tastes.

Lastly, the ‘public land (113,700.2㎡)’ secured through public contributions will utilize approximately 267 billion KRW in public contribution funds generated from the development project. Facilities will include a multipurpose sports complex with a swimming pool, futsal, basketball, badminton courts, and a fitness center, as well as community convenience facilities such as a library and the Wolgye 3-dong Community Center. Additionally, a youth startup support center to assist one-person startups from seven local universities in Nowon-gu and 320 units of public housing will be established.

In addition to facilities within the development site funded by public contributions, infrastructure for residents near Kwangwoon University Station will be dramatically improved.

New east-west roads connecting Kwangwoon University Station to the Hancheon Bridge intersection in Wolgye-dong, structural improvements to the southern underpass, and road construction from Wolgye-ro to Kwangwoon University Station are planned. For pedestrians, two new pedestrian overpasses will be built near the Wolgye 3-dong Community Center and Seokgye-ro, improving access to the logistics complex and remodeling the Kwangwoon University Station overpass.

Furthermore, the Gyeongchun Railway Bridge will be transformed into a forest trail park, connecting Wolgye E-Mart and Traders to the Nowon Light Garden via the Gyeongchun Line forest path.

The district expects to begin construction in the first half of 2022 once the Seoul Metropolitan Government’s Urban Architecture Joint Deliberation Committee completes the district unit plan procedures, including land use changes for the existing site, by July.

Meanwhile, the logistics facility site near Kwangwoon University Station was selected as a preliminary negotiation target in 2009 but faced difficulties, including two failed private sector bids in 2012 and 2014.

The project gained momentum over the past two years through continuous cooperation among Seoul City, Nowon-gu, Korail, and local assembly members, improving project conditions. These improvements included lowering land sale prices due to the removal of distribution commercial facilities, adjusting the commercial area ratio (from 30% to 20%), and reducing the donation ratio (from 35% to 25%).

As a result of these efforts, after signing a business agreement among Seoul City, Nowon-gu, and Korail in 2017, negotiations were held six times with HDC Hyundai Development Company, selected as the preferred negotiation partner.

With additional refinements and detailed adjustments completed in March this year, the project will be fully launched by the end of this year, including demolishing logistics facilities such as cement silos.

Oh Seung-rok, Mayor of Nowon-gu, said, “This project is symbolic as Wolgye-dong, the gateway of Nowon-gu, will become the new center of the northeastern region. We will actively cooperate with Seoul City and do our best to ensure smooth progress of the project.”

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