Ansan Enacts Ordinance for Mixed-Use Development of Aging Downtown and Semi-Industrial Areas

Promoting Private Sector Participation with Trust Companies and REITs
Developing Mixed-Use Hubs Combining Residential, Commercial, and Office Functions

On November 25, the city of Ansan in Gyeonggi Province established a legal foundation to encourage private sector participation in the mixed-use development of aging downtown areas and semi-industrial zones.

The city announced that it has enacted and promulgated the "Ordinance on Supporting Mixed-Use Urban Development in Ansan," which sets the implementation standards for urban development.

This ordinance specifies matters delegated to local governments under the "Act on Supporting Mixed-Use Urban Development" and its enforcement decree, which took effect on February 7 of this year.

The ordinance stipulates the types of innovation districts, the establishment of mixed-use development plans, public contributions and incentives, as well as procedures for designation cancellation or modification. Based on the ordinance, the city plans to designate innovation districts in accordance with the law by leveraging private sector expertise and creativity, and to enhance urban competitiveness by ensuring smooth housing supply within the city center.

Building on this ordinance, the city plans to efficiently develop old downtown areas such as Wongok-dong and Gojan-dong, as well as redevelopment zones in Sadong and Bono-dong, transforming them into mixed-use hubs that combine residential, commercial, work, and cultural functions.

To this end, the city will move away from the traditional public-led development model and actively introduce a private participation model to attract private sector specialists such as trust companies and real estate investment trusts (REITs).

Lee Minguen, Mayor of Ansan, stated, "With the enactment of this ordinance, we have established a foundation to foster aging downtown and semi-industrial areas into future-oriented mixed-use hubs. Through mixed-use urban development, we will expand local employment and improve living infrastructure to revitalize the city."

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