LH Accelerates Urban Regeneration in Seongsa Innovation District Near Goyang Wondang Station

[Asia Economy Reporter Chunhee Lee] Korea Land and Housing Corporation (LH) announced on the 10th that it has completed the design competition for the 'Goyang Seongsa Urban Regeneration Innovation District' national pilot project and will begin full-scale project implementation.

Through this design competition, the design proposal by the consortium led by Haenglim Architects & Engineers was selected. Presenting the development concept of "Goyang-eul Pum (品) becomes a city landmark," the proposal received favorable reviews for suggesting a communication-centered complex as an open landmark connecting the city and nature. LH plans to proceed with design and permits in consultation with Goyang City, while reflecting the winning design to specialize it with a creative and symbolic design.

The Goyang Seongsa Innovation District project aims to create a regional innovation hub by complexly developing public rental housing for youth and newlyweds along with convenience facilities such as research and industrial support facilities and public parking lots utilizing the Wondang Station transfer parking lot. The project covers an area of 12,000㎡ with a budget of 252.5 billion KRW. The project will be managed by a REITs jointly invested by Goyang City and the Housing and Urban Fund, with LH acting as the Asset Management Company (AMC) to lead the development project. The basic design is scheduled to be completed by June, followed by project implementation plan approval in September, aiming for construction start within the year.

The Urban Regeneration Innovation District is a district unit development project led by public entities such as LH to promote urban regeneration by creating regional hubs where residential, commercial, and industrial functions are concentrated within declining areas. LH is participating in three of the four national pilot projects selected last December, including Goyang Seongsa, Yongsan Innovation, and Cheonan Station Innovation Districts.

Ko Hee-kwon, Head of LH Urban Regeneration Headquarters, said, "We expect it to greatly contribute to the restoration of urban functions and revitalization of the local economy," adding, "LH will continue to make sustained efforts in carrying out urban regeneration projects that breathe new life into old downtown areas."