Gochang-gun to Fully Launch 'Terminal Innovation Zone Project' Starting Next Year

Published 27 Dec.2023 09:53(KST)

Gochang-gun, Jeonbuk Province, is set to begin full-scale operations next year after completing land acquisition and project plan changes for the Gochang Terminal Innovation District project in 2023.

According to the county on the 27th, the Gochang Terminal Innovation District was selected last December as the first national pilot urban regeneration district by the Ministry of Land, Infrastructure and Transport at the county level nationwide.

Perspective view of Gochang-gun Terminal Urban Regeneration Innovation District National Pilot Project. <br>[Photo by Gochang-gun]

Perspective view of Gochang-gun Terminal Urban Regeneration Innovation District National Pilot Project.
[Photo by Gochang-gun]

Recently, the total project cost was revised and finalized at 177.7 billion KRW (national funds 25 billion KRW, provincial funds 4.2 billion KRW, matching county funds 12.5 billion KRW, funds 20 billion KRW, public investment 116 billion KRW).

Additional commercial land behind the terminal was acquired to regularize the site shape and improve connectivity with adjacent roads, enhancing site utilization to establish an optimal master plan.

The expanded project site will integrate transportation facilities and multi-family housing into a mixed-use building with two basement floors and 18 above-ground floors.

The lower floors will house the terminal, youth startup spaces, an organic farming research center, and other neighborhood living facilities, while floors 5 through 18 will be dedicated to multi-family housing.

Currently, a three-story parking tower is being constructed on the parking lot next to the terminal to smoothly meet parking demand for the terminal and surrounding areas, revitalizing the central district.

Additionally, continuous consultations have been held with Korea Land and Housing Corporation (LH) to attract private investment.

The county plans to sign a joint project agreement with LH as early as March next year, and if the joint implementation agreement is reached, the financial burden on the multi-family housing project section will be eased, accelerating project progress.

County Governor Shim Deok-seop stated, “The project will be fully launched and actively promoted, and upon completion, the Gochang Terminal Innovation District is expected to become a landmark in Gochang-gun’s central area, with a resident population of 400 and 2,000 daily facility users.”