Finally, 20 Years of Stagnation Broken... Demolition Begins for Pohang City Center Eyesore 'Yongheung-dong Geumgwang Poranjae Apartment'

Pohang City to Resolve 'Long-Awaited Project,' Remove Eyesore and Build New Luxury Apartments

On the 3rd, Lee Kang-deok, Mayor of Pohang, and other officials attended the groundbreaking ceremony for the demolition of the Geumgwang Poran-jae Apartment, a nuisance in the city center, and pressed the button.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Geumgwangporanjae Apartment, which had been left as an eyesore in downtown Pohang, Gyeongbuk, is finally being demolished.

Pohang City announced on the 4th that the demolition work on the existing building, which had been abandoned for over 20 years, began on the 3rd and is expected to be completed by the end of this year.

This apartment was approved for construction in July 1997 with 4 basement floors and 15 above-ground floors, comprising 314 households. However, construction was halted at 40% completion due to the developer's bankruptcy, leaving it as an eyesore and a representative nuisance in Pohang City.

Over the years, there have been various lawsuits between parties involved and a Supreme Court ruling that allowed for the cancellation of the project approval, among other complications.

Pohang City accepted the landowner's application and canceled the project approval on May 3rd. After going through related procedures such as obtaining a building demolition permit, demolition has now commenced.

Pohang City stated that it plans to build a premium apartment complex with about 500 households after the demolition. On the 3rd, Mayor Lee Kang-deok of Pohang and city council members observed the demolition site.

Mayor Lee Kang-deok said, “I am pleased that a long-standing project that had weighed heavily on the hearts of Pohang citizens has been resolved through Pohang City's active efforts,” and added, “I hope the construction of new premium apartments will be a starting point for the new development of Yongheung-dong.”

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