Daejeon Industrial Complex Selected as Candidate Site for Urban Regeneration Innovation District by Ministry of Land, Infrastructure and Transport

If Finally Selected, 25 Billion Won in National Funding Will Be Provided

Daejeon Industrial Complex Architectural Rendering (Draft) / Daejeon City

Daejeon City announced that the Daejeon General Industrial Complex has been selected by the Ministry of Land, Infrastructure and Transport as a candidate site for the Urban Regeneration Innovation District (National Pilot District) for the first half of 2024.

The Urban Regeneration Innovation District project is a public-led initiative to create innovation hubs and build complex infrastructure that combines various functions such as industry, commerce, administration, and residential spaces. The Daejeon Industrial Complex, established 54 years ago, now has 72.5% of its buildings over 20 years old. Due to the decline of traditional manufacturing and the stagnation of the industrial complex, regeneration and innovation are urgently needed.

If finally selected as a national pilot district, up to 25 billion KRW in national funding can be provided. In addition, administrative support such as integrated reviews related to district designation and implementation plan approval will be given, along with funding support through investment and loans from the Housing and Urban Fund.

Daejeon City plans to establish an Urban Regeneration REITs in cooperation with Korea Land and Housing Corporation (LH), Housing and Urban Guarantee Corporation (HUG), and others. A total of 173.3 billion KRW will be invested in a 20,833 square meter mixed-use site within the full acquisition area of the Daejeon Industrial Complex at 461-1 Daehwa-dong, Daedeok-gu, to build an innovative complex space with a total floor area of 94,235 square meters.

The innovation district will include startup innovation spaces such as shared offices, education rooms, and maker spaces, as well as business growth support spaces like an edutech soft lab, technology center, and demonstration testbed. It will also feature youth-friendly workspaces such as cultural content facilities, welfare facilities, and commercial areas.

A city official stated, "We will thoroughly establish the project and district plans to do our utmost to receive final approval for designation as a national pilot district from the Ministry of Land, Infrastructure and Transport."

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