Geumho-dong, Gwangyang-si Selected for Urban Regeneration New Deal Contest

Selected for Urban Regeneration Recognition Project, Secured 5 Billion KRW in National Funding

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City, Jeollanam-do announced on the 16th that the ‘Geumho-dong Urban Regeneration Recognition Project’ was selected in the Ministry of Land, Infrastructure and Transport’s Urban Regeneration New Deal contest.

The contest project was selected through document evaluation, on-site evaluation, and comprehensive presentation evaluation, followed by deliberation by the Urban Regeneration Special Committee under the Prime Minister’s Office. Nationwide, 19 urban regeneration recognition projects were finally selected.

The ‘Urban Regeneration Recognition Project’ is a project that supports up to 5 billion KRW in national funds for projects that include point facility supply linked to urban regeneration in areas where an urban regeneration activation plan has not been established.

The project name of the Geumho-dong Urban Regeneration Recognition Project is the ‘(Tentative) From Eop (業) Town to Up Town, Geumho-daum Platform’ project.

It is located at the southwest side of Baegun Art Hall in Geumho-dong (adjacent to Mugunghwa Hill vacant lot area), and the project consists of ▲ one resident convenience facility building ▲ one startup support facility building, with a total project cost of 15 billion KRW, receiving 5 billion KRW in national funding.

The Geumho-dong area was formed along with the establishment of the Gwangyang Steelworks in the 1980s and is currently undergoing a transitional period due to facility aging and generational changes.

It is an area with somewhat unique regional characteristics, including the socio-cultural condition of being a company housing complex, the geographical condition of an island terrain, and the physical condition consisting only of apartment complexes.

The city has focused on finding a suitable type of urban regeneration project for this area and has actively sought regional regeneration plans through expert consultations since the end of 2018.

Since 2019, various initiatives have been carried out in the Geumho-dong area, including ▲ academic research on residential regeneration plans ▲ formation of an urban regeneration residents’ council ▲ urban regeneration academic symposium ▲ formation of a related agencies T/F team ▲ support project for complex living SOC ▲ urban regeneration university ▲ operation of the urban regeneration promotion team.

Additionally, opinions were gathered mainly from the Geumho-dong office, urban regeneration university students, residents’ council, and resident surveys to reflect the creation of spaces supporting the insufficient resident community activities in the area into this project plan.

The Geumho-dong area lacks spaces that serve as a base for community activities such as village halls and has very few facilities like senior centers. Reflecting this situation, one resident convenience facility building (total floor area 1,890㎡, 3 stories) was planned.

The resident convenience facility will be linked with ongoing socio-economic organizational activities and social contribution activities in the area. Considering the lack of family leisure spaces due to the distribution of only small-sized aging apartment complexes, it will include ▲ meeting rooms ▲ club rooms ▲ shared dining room and kitchen ▲ caf? ▲ senior facilities ▲ rooftop barbecue area ▲ outdoor plaza ▲ resident participation programs.

The startup support facility (total floor area 2,020㎡, 3 stories) will involve POSCO, Gwangyang City Venture Valley Council, and others. Through continuous consultation and mutual support, detailed plans for rooms such as ▲ startup company office spaces ▲ experimental spaces ▲ co-working spaces ▲ event hall ▲ consulting and participation programs linked to the Gwangyang Venture Valley project have been established.

The detailed formation plans for the two facilities will be decided during the design competition phase.

In particular, long-term consultations have been held with POSCO regarding the provision of the project site, project participation, and collaboration for project promotion.

On July 30 last year, Gwangyang City and POSCO signed an agreement focusing on the donation of the project site and the combination with the Venture Valley project, which accelerated the concretization of the project plan. It is expected to present a new model of regional regeneration and new industry promotion through public-private collaboration.

Kwon Hoi-sang, Director of the Urban Regeneration Division, said, “Although this project was born together with POSCO, it will provide the lacking facilities and new hub functions to Geumho-dong, which has experienced decline amid various changes, and support the community. We believe it will be an opportunity to take a step forward for a new turning point and revitalization of the area.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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