Gwanak-gu, Approval of Redevelopment Management Disposition Plan for Sillim General Market

Published 12 Jul.2024 06:26(KST)

Rebirth of Aging Traditional Market into a 4-Basement, 15-Story Residential and Commercial Complex
32 Retail Units and 145 Residential Households Supplied... 4 Units Prioritized for Tenant Merchants

Bird's-eye view

Gwanak-gu (District Mayor Park Jun-hee) officially approved the management disposition plan for the Shinlim General Market redevelopment project, applied for by Shinlim General Market Development Co., Ltd., on July 5th and announced it on the 11th.

Shinlim General Market (505-1, Sinlim-dong) is a building with one basement floor and three above-ground floors, covering a total floor area of 4,059㎡. It was approved for use in the 1970s and is highly aged. Additionally, customer convenience facilities are insufficient, and the vacancy rate is 47.7%, effectively causing the market to lose its function.

Through this redevelopment project, Shinlim General Market will be transformed into a mixed-use residential and commercial complex with four basement floors and 15 above-ground floors, covering a total floor area of 23,896㎡. The basement first floor and the ground first floor will house 32 retail units and one public office facility, while floors two through fifteen will provide 145 residential units.

The residential units will be urban-style living houses, consisting of various sizes ranging from 6 pyeong to 18 pyeong. Among the 145 units, four will be preferentially sold to existing merchants, while 141 residential units and 32 retail units will be sold to the general public.

The district expects that the new mixed-use complex will improve the image of the deteriorated commercial area, increase foot traffic, and revitalize the local economy.

The Shinlim General Market redevelopment project is scheduled to begin construction in the second half of this year, with completion targeted for 2027.

District Mayor Park Jun-hee stated, “We will continue to actively support market redevelopment projects to modernize aging traditional markets and promote the revitalization of local commercial districts.”