Miryang-si, Gagok-dong Urban Regeneration New Deal Project Fully Launched ... 37.4 Billion KRW Invested by 2023

Perspective view of the Sangsang Eoulim Center and LH Happy Housing planned to be built in Gagok-dong, Miryang-si, Gyeongnam. [Image source=Miryang-si]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Miryang City, Gyeongnam Province, will officially begin the Gagok-dong Urban Regeneration New Deal Project starting in June.

According to the city on the 26th, the urban regeneration project is being promoted until 2023 with the vision of "Opening the Door to Miryang, Unfolding Imagination," aiming to revitalize the commercial district in the old downtown area of Gagok-dong, strengthen urban functions and identity, and improve urban infrastructure.

The city will invest a total of 37.4 billion KRW, including 25 billion KRW of seed money for the Gagok-dong area covering 202,000㎡ and 12.4 billion KRW linked to public institutions such as the Korea Land and Housing Corporation (LH) for the construction of Happy Housing. Starting in early June, demolition of the abandoned Jesung Industry building at the planned site will begin, followed by the establishment of the Miryang Gagok Imagination Harmony Center for resident exchange, culture, and welfare, as well as LH Happy Housing by 2022.

The Imagination Harmony Center will have a site area of 2,669㎡ and a total building area of 4,460㎡, consisting of one basement floor and five above-ground floors. It will house neighborhood living facilities, a startup support center, a job support center, a multicultural center, and a multipurpose auditorium. Additionally, a 16-story Happy Housing building accommodating 104 households, including newlyweds, youth, and the elderly, will be constructed nearby.

Furthermore, to foster bonds among local residents, restore the community, and establish a self-sustaining foundation for the residents' council, compensation negotiations for the community hub facility currently being promoted in Gagok-dong were completed in May, and remodeling will commence after a detailed safety inspection of the building is completed in early June. The Gagok-dong Imagination Warehouse project, led by local residents and artists for community-based cultural and artistic activities, is currently in the detailed design phase with the goal of starting construction in the second half of this year.

Gwak Jae-man, Director of the Urban Regeneration Division, stated, “We will do our best to improve the deteriorated urban environment and living conditions through the prompt promotion of the urban regeneration project so that the quality of life of local residents can be enhanced.”

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