Dongdaemun-gu Dapsimni Auto Parts Market Redevelopment Begins...29-Story Residential-Commercial Complex Construction

Dongdaemun-gu, Approval for Establishment of Dapsimni Auto Parts Market Urban Maintenance-Type Redevelopment Association on the 1st... Secures Over 80% Consent Rate, Full-Scale Promotion of Up to 29-Story Apartment Complexes and Commercial Facilities in 4 Buildings

Perspective View of Dapsimni Auto Parts Market Construction Plan

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) announced that it approved the urban maintenance-type redevelopment project association (Association President Lee Dae-gyu) of Dapsimni Automobile Parts Market, the largest automobile parts market in Korea, on October 1.

The project area covers 17,914㎡ around 952 Dapsimni-dong, and the site will have a mixed-use complex consisting of sales facilities, apartment housing, and office facilities in four buildings up to 29 floors high, with a maximum height of 105m and a floor area ratio of up to 840%.

Established in 1982, the Dapsimni Automobile Parts Market consists of five floors (basement 2 to ground 3 floors) in each of the Central Market buildings A, B, C, and D, currently housing about 740 wholesale and retail stores distributing automobile parts.

For over 40 years, it has contributed to revitalizing the local economy as the center of the automobile parts distribution industry and enjoyed prosperous times. However, as the industrial environment changed, its function weakened, vacant stores increased, and facilities aged, raising the need for redevelopment.

Accordingly, with strong redevelopment intentions from landowners, more than 70% of all landowners gave their consent within a short period after the district designation announcement on September 3 last year. As a result, the association establishment promotion committee was approved on September 25 last year, raising residents' aspirations for regional development and creating conditions for full-scale project promotion.

Subsequently, on September 10, 2021, the founding general meeting for establishing the association was held, electing the association president, executives, and delegates, finalizing the articles of association, and completing preparations for association establishment approval. The association establishment consent rate reached a high 82%, and the approval was finally granted. This means the association was established within one year after the promotion committee's approval.

With the establishment of the association, the redevelopment of Dapsimni Automobile Parts Market will be actively promoted, and expectations are growing that the local economy will be revitalized once again.

The Dapsimni Automobile Parts Market Urban Maintenance-Type Redevelopment Project Association plans to proceed with procedures to receive building review and project implementation approval as soon as possible.

The district office plans to support overall matters for smooth project promotion and focus on transparent and trustworthy project management.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, "The redevelopment of Dapsimni Automobile Parts Market, a representative local commercial district of Dongdaemun-gu, will create a new future-oriented complex space," adding, "We expect this space to become a regional landmark, greatly contributing not only to revitalizing the local economy but also to youth entrepreneurship and job creation."

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