Jeonju City to Invest 632.3 Billion KRW in Urban Regeneration Around the Sports Complex

Ministry of Land, Infrastructure and Transport Selected for '2021 Urban Regeneration New Deal Project Contest'... Developing as a New Economic Hub

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonju City is transforming the Jeonju Sports Complex and the area around Jeonbuk National University into a new form through the Ministry of Land, Infrastructure and Transport's Urban Regeneration New Deal project.

Jeonju City announced on the 16th that Deokjin District was the only area nationwide selected in the 'Economic Base Type' category in the Ministry of Land, Infrastructure and Transport's '2021 Urban Regeneration New Deal Project Contest,' securing 25 billion KRW in national funding.

According to the city, the economic base type of the urban regeneration new deal project targets areas suffering severe economic decline, supporting the formation of new economic hubs and the creation of employment bases. The scale of national funding support is larger compared to other types.

Accordingly, through the Deokjin District Urban Regeneration New Deal project, from next year until 2027, a total of 632.3 billion KRW will be invested over six years on approximately 500,000㎡ of land centered around the Sports Complex and Jeonbuk National University. This includes 25 billion KRW in national funds, 28.1 billion KRW in local funds, 2.5 billion KRW from HUG funds, 23.2 billion KRW from public enterprises, 92.5 billion KRW from inter-ministerial cooperation projects, 53.5 billion KRW from local government projects, and 407.5 billion KRW in private investment projects.

Specific projects include △ Establishing the Jeonju Traditional Culture Metaverse Commercialization Demonstration Complex (S-Town) utilizing existing buildings of the Sports Complex △ Building a governance-based idea platform (I-Town), a space for discovering creative ideas and community activities △ Creating a low-carbon cultural specialized street through alley and plaza maintenance △ Developing startup support housing to improve residential conditions for entrepreneurs, youth, and newlyweds.

Jeonju City plans to foster the area around the Sports Complex and Jeonbuk National University as a new economic hub for advanced digital cultural content industries by integrating regional cultural resources with new technologies such as the metaverse.

In particular, upon completion of the Deokjin District Urban Regeneration New Deal project, it is expected to create a total of 2,662 jobs and generate an annual economic ripple effect of 828.9 billion KRW, serving as a catalyst to revitalize the stagnated Deokjin District.

Kim Seung-su, Mayor of Jeonju, emphasized, "As the only and largest economic base type urban regeneration new deal project nationwide, the Deokjin District including the Sports Complex has gained wings for a leap forward. Together with ongoing projects such as the Municipal Art Museum, Korean Cultural Prototype Content Experience Exhibition Hall, Lo Park, and Garden Forest, we will establish Deokjin District as the heart of Jeonju's development."

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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