Joint Development Ahead of Reconstruction of Apgujeong Hyundai Apartment and More
Land parcel 428 in Apgujeong-dong currently used as a public parking lot. (Photo by Gangnam District Office)
Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) announced on the 9th that it has launched a project to establish development strategies and implementation plans for the redevelopment of the site at 428 Apgujeong-dong, currently used as a public parking lot.
The site at 428 Apgujeong-dong is a prime 13,968㎡ area located near Apgujeong Station Intersection on Line 3 and next to Hyundai Department Store. Originally planned for development as a school and park under the 1981 urban planning facility decision, the school designation was abolished in 2004, and the urban planning facility was changed to a park and parking lot. Since the ownership was transferred from Seoul City to Gangnam-gu in 2010, it has been used as a public on-street parking lot.
The district’s full-scale development initiative coincides with changes in the Apgujeong area. In July last year, the Rapid Integrated Planning Guidelines for Apgujeong District Zones 2 to 5 were established, and in November, the district unit plan for the Apgujeong Apartment District was finalized, with redevelopment plans progressing sequentially.
In line with this large-scale development project, the district plans to explore redevelopment proposals for this site, which is currently used solely as a parking lot, to maximize synergy effects.
Through the project, the district will review the optimal facilities to be introduced and the appropriate scale of development, analyze the feasibility of each alternative, and present detailed phased implementation plans by the end of this year.
District Mayor Jo Seong-myeong stated, “We will thoroughly gather opinions from local residents, related organizations, and experts to transform this site into a landmark befitting the status of Gangnam, a representative city of Seoul.”
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