Yeongdeungpo Yangnam Market will be reborn as a residential and commercial facility with up to 12 floors above ground. It will be transformed into a residential and commercial facility with 4 floors underground and 12 floors above ground.
On the 28th, the Seoul Metropolitan Government held the 2nd Urban Regeneration Committee on the 27th and announced that it had originally approved the change (draft) of Yangnam Market's urban regeneration recognition project.
The Yangnam Market Urban Regeneration Recognition Project is a project to purchase some of the facilities created as a market maintenance project in the area of 30 Yangpyeong-dong 1-ga, Yeongdeungpo-gu. It was recognized as an urban regeneration project in August 2021, and construction began in December 2022 and is expected to be completed in April.
With this urban regeneration recognition project (real estate purchase project), residential and commercial facilities with 4 basement floors and 12 ground floors will be built in the area. Publicly supported rental housing is supplied at a low rent of 80% compared to the surrounding market price.
Publicly supported rental housing is 38 out of 79 households, and the lease contract for all households is completed and occupancy will begin in May. The city expected that it would contribute to the creation of a high-quality residential environment by pioneering a route to supply insufficient public-supported private rental housing in the region.
On the second floor of the ground, a publicly supported rental shopping mall will be built where local small and medium-sized enterprises and small business owners will move in. It also set a rent of 80% compared to the market price of neighboring neighborhood living facilities and allowed the lease contract to be maintained and renewed for up to 10 years.
The Yangnam Market Maintenance Project was jointly promoted by the union and SH to resolve the aging and dangerous buildings of Yangnam Market, which received safety grade E in 2011, and to revitalize local commercial districts. The urban regeneration recognition project promoted the maintenance project by supplying rental housing and rental shopping centers at a low price after "space support REITs" pre-purchased some of the facilities.
Kim Chang-kyu, head of the Seoul Metropolitan Government's balanced development division, said, "With this urban regeneration recognition project of Yangnam Market, we have realized a model in which the private and public sectors lead together to revitalize the local economy. We will continue to strive to improve the quality of life of local residents by performing public roles such as supplying publicly supported rental housing and publicly supported rental shops."
Meanwhile, the original plan to change the urban regeneration recognition project plan of Jwawon Shopping Center in Seodaemun-gu was also approved. During the development construction period, existing merchants will move to temporary migrant shops to operate.
In addition, the change (draft) of the urban regeneration revitalization plan in Chang3-dong, Dobong-gu, passed the deliberation. Accordingly, 11 out of a total of 15 priming water projects in Chang 3-dong will be completed, and four projects will be abolished. The project to create cultural education hub facilities and community hub facilities has partially increased due to the increase in the size of construction and the change of the project site, respectively.
