LH Solves Parking Shortage Through Autonomous Housing Maintenance Project

Agreement Signed on the 30th for Village Parking Lot Development Among LH, Resident Agreement Group, and Jungnang-gu Office
First Case of Complex Development of Living SOC Facilities Linked to LH Participatory Autonomous Housing Maintenance Project
48 Spaces to Be Installed on Two Basement Floors of Public Rental Housing Scheduled for Completion in March Next Year... Utilizing Public Parking Lots

Aerial view of public rental housing and village parking lot in Myeonmok-dong, Jungnang-gu / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 30th that it signed an agreement at Jungnang-gu Office in Seoul with the resident consensus group and Jungnang-gu Office to create the ‘Jungnang-gu Myeonmok-dong Village Parking Lot Project.’

The project site is located at 297-28 Myeonmok-dong, Jungnang-gu, Seoul, and was selected as a candidate site for the Small-scale Housing Maintenance Management Area Pilot Project in April. The ‘LH Participatory Autonomous Housing Maintenance Project’ is currently underway. The autonomous housing maintenance project is a resident-led initiative where two or more owners of old houses form a resident consensus group to renovate or construct houses. When jointly promoted with LH and others, benefits such as low-interest loans, purchase agreements, and resettlement support are available.

LH plans to construct and then purchase a seven-story apartment building with 60 units by March next year, which will be operated as rental housing for newlyweds and others.

This area suffers from severe traffic congestion and parking difficulties due to densely packed low-rise houses and narrow roads. In a survey conducted by the district office last year, residents identified parking spaces as the most needed public facility. To address this, Jungnang-gu Office and residents applied for the village parking lot project in the Urban Regeneration Recognition Project contest held by the Ministry of Land, Infrastructure and Transport in October last year.

The village parking lot will be installed on the lower floors of the apartment building scheduled for completion in March next year. The building is planned to have a total floor area of 5,538㎡, with two basement levels and seven above-ground floors. The first floor will have a parking lot exclusively for residents, floors two through seven will house 60 apartment units, and the basement levels will be used as the village parking lot.

The village parking lot is designed to have a total of 48 parking spaces over 1,810㎡ on basement levels one and two and will be operated as a public parking lot after completion.

Under this agreement, LH, residents, and Jungnang-gu Office will cooperate to establish the village parking lot. The resident consensus group will provide the land for the parking lot and carry out administrative procedures necessary for the project, such as architectural review and project implementation plan approval. They will also select the construction company and oversee the building construction, including the parking lot.

LH will purchase the completed building and operate it as rental housing, as well as finance the costs required for the village parking lot installation. Jungnang-gu Office will purchase the village parking lot and operate it as a public parking lot, actively supporting various permits and coordination with related agencies.

The ‘Village Parking Lot Project’ being promoted this time is the first case where an autonomous housing maintenance project and a public parking lot are developed in a complex. It will improve the residential environment by renovating old row houses that have been in use for over 30 years, and by constructing public rental housing and a village parking lot, it will alleviate inconveniences for local residents. Additionally, as the village parking lot requires operation and management, it may create new local job opportunities.

Kim Baek-yong, Head of LH Urban Regeneration Headquarters, said, "I hope the village parking lot created through this agreement will help alleviate local parking difficulties and increase convenience for residents," adding, "We will also do our best in building rental housing promoted together for housing supply in urban areas and national housing stability."

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