"'Famous Street' to Be Created Along Magok Lake Park" City Invites Private Sector Bids

Among 26,000㎡ of support facility land, 16,000㎡ in the priority special planning zone is open for private business proposals
Creating a new fusion landmark street with cultural and assembly facilities, AR·VR, cafes, and retail spaces
March 3 project briefing, May 8 application deadline, priority negotiator selection in May

[Asia Economy Reporter Yuri Kim] The Seoul Metropolitan Government and Seoul Housing & Communities Corporation (SH Corporation) are transforming a 26,000㎡ support facility site along the west lakeside park of Seoul Botanic Park in the Magok district into a representative landmark street of Seoul's southwestern area. By 2025, they plan to create a creative and dynamic space centered on leisure culture that serves as a cultural special zone, establishing a 'new lifestyle' space.

The Magok urban development project area is served by Subway Lines 5 and 9 and the Airport Railroad, located about 20 minutes (approximately 13 km) from downtown Seoul and 40 minutes (24 km) from Gangnam. It is a gateway area in the southwestern region directly connected to Incheon International Airport, Gimpo Airport, and the metropolitan area’s wide transportation network, currently being developed as a sustainable future-oriented smart city where advanced industry, housing, nature, and culture harmoniously coexist.

Among the support facility sites, the 'Special Planning Zone' to be prioritized for public bidding covers 230 meters of the approximately 550-meter lakeside park street, totaling 16,000㎡. It will be developed into a landmark street combining exhibition halls, performance venues, AR·VR, children’s facilities, and distinctive commercial establishments. Since August 2017, Seoul City and SH Corporation have prepared guidelines through more than ten expert consultations to create a 'new lifestyle' space centered on the waterside area of Seoul Botanic Park. Believing that the regional name is important for landmark development, they allowed bidders to propose names that can strategically leverage local assets.

The remaining 320-meter section, excluding the area to be developed this time, will be planned after reviewing the results of the first phase of bidding to create synergy with the Special Planning Zone.

Facilities that private developers must install include cultural and assembly facilities (such as exhibition halls and performance venues) that can incorporate programs responding to changes in urban demand focused on leisure culture, as well as indoor and outdoor observation facilities offering views of the Seoul Botanic Park lakeside. The cultural and assembly facilities must cover a total floor area of about 4,400㎡, and all buildings located along the lakeside park must have outdoor terrace spaces on the third floor (outdoor type), with at least one indoor observation space installed on the top floor of the rear buildings. The first floor of buildings along the lakeside park must mandatorily allocate at least 50% of the space to street activation uses such as cafes and retail facilities.

To maximize private developers’ creative project proposals, Seoul City and SH Corporation allocated 800 points out of a total 1,000 points for project plan evaluation. The evaluation will focus on project plans from the perspective of sustainable activation, including the creation, management, and operation of the regional landmark space.

Starting with the public announcement on the 30th, followed by a project briefing session on March 3rd and submission of project applications by May 8th, the preferred negotiation candidate will be selected in May. The selected developer is expected to sign the project agreement and land contract in the second half of this year. Construction is anticipated to be completed and occupancy to begin by 2024.

For detailed information regarding the public bidding, please visit the Seoul Housing & Communities Corporation website.

Kim Seon-soon, Head of the Regional Development Headquarters of Seoul City, said, "We will create a landmark space that combines uniquely designed buildings and culture linked to Seoul Botanic Park, which attracts 3.7 million visitors annually," adding, "We plan to realize the landmark development of Magok district’s Seoul Botanic Park by inviting private developers who propose innovative ideas capable of realizing strategic utilization of local assets."