100 Public Rental Stores to Be Created in Sewoon Sangga Area... Completion by August Next Year

Seoul City and LH Corporation Sign Joint Project Agreement for Sanlim-dong Win-Win Knowledge Industry Center
Co-creation of 100 Public Rental Stores and Youth Startup Facilities with 9 Billion KRW Investment
Priority Supply to Evicted Tenants to Protect Small Businesses and Preserve Urban Industrial Ecosystem

[Asia Economy Reporter Kim Yuri] The Seoul Metropolitan Government and Korea Land & Housing Corporation (LH) will jointly create the 'Sangsaeng Knowledge Industry Center,' an industrial hub space combining about 100 public rental stores for relocated small business owners and youth startup support facilities in the Sewoon Arcade area.

The Sangsaeng Knowledge Industry Center will be built on approximately 1,470㎡ of LH-owned reserved land within Sewoon 5-2 District (82-3 Sanlim-dong, Jung-gu). The two organizations will invest about 9 billion KRW in construction costs. The public rental stores will be preferentially supplied to tenants displaced by redevelopment projects. Design work will begin next month, with construction starting by the end of the year and completion targeted for August next year.

On the 8th, Seoul City and LH announced that they signed the 'Sanlim-dong Sangsaeng Knowledge Industry Center Construction Joint Project Implementation Agreement' on the 7th. The two organizations explained that they will jointly protect small business owners in the Sewoon Arcade area and preserve the urban industrial ecosystem.

This agreement is the first official event since the city announced last month the 'Sewoon Arcade Area Urban Industry Preservation and Revitalization Measures,' pledging to expand eight public industrial hubs in the Sewoon area. The two organizations have been discussing detailed project plans for over a year since March last year. Seoul City and LH plan to form a consultative body with local small business users to gather diverse opinions and prepare architectural design proposals.

Byun Chang-heum, President of LH, said, "We will support the resettlement of local small business owners by constructing public industrial facilities on LH reserved land within the Sewoon district," adding, "We also plan to entrust operation to social economy organizations after occupancy." He continued, "We will actively participate in Seoul City's urban regeneration policies as a public developer going forward."

Park Won-soon, Mayor of Seoul, stated, "We will continue to expand public rental stores so that local small business owners can operate stably in a comfortable environment with affordable rent," and added, "We will also support the simultaneous fostering of new industries through youth startup facilities."