Yeouido Financial Development Promotion District Partners with Local Entities to Launch Urban Vitality Project... Establishing Public-Private Financial Network to Create Urban Vitality Base Worth 200 Million KRW
[Asia Economy Reporter Park Jong-il] Yeongdeungpo-gu (District Mayor Chae Hyun-il) was selected as the final site for the pilot project of the 2020 Seoul-type Town Management project conducted by Seoul City on July 1st with the ‘Yeouido Financial Development Promotion District’.
Town Management (TM) refers to a project in which local entities directly manage and operate their area to continuously revitalize small urban areas. Representative examples include New York’s Times Square and Tokyo’s Roppongi Hills, which are private-led urban vitality projects designed to overcome the limitations of government-centered urban management.
Unlike large-scale urban regeneration projects, this project targets small areas to establish a revitalization foundation tailored to the characteristics of each region, aiming for continuous urban vitality and positive ripple effects through long-term self-funding by the private sector.
The eligible areas for the project are those with public spaces under 100,000㎡, such as parks, publicly accessible spaces, and donated facilities, which can be utilized for various projects.
The Town Management project has been promoted since 2016, with areas such as Jung-gu’s Dadong and Mugyo-dong, Myeong-dong, and Seocho-gu’s Nambusunhwan-ro selected, where various urban regeneration projects are underway according to local conditions and characteristics.
This call for applications started with a project briefing session in May this year, followed by submissions. Comprehensive evaluations considered the progress of activities such as events for regional revitalization, feasibility, suitability of project plans, creativity, and ripple effects. Project funds were awarded to regions that secured high scores.
Among the districts that applied, two were finally selected, and Yeongdeungpo-gu will receive a total of 200 million KRW in project funding.
As a pilot project, Yeouido Financial Development Promotion District plans to implement various management projects including ▲establishing a public-private financial institution network in Yeouido ▲installing urban vitality spaces such as meeting rooms, media walls, and lounges ▲after-work projects such as flea markets, small-scale performances, and food events ▲youth fintech startup entrepreneurship education and fintech expos.
Going forward, the district will actively promote the project by conducting workshops and consultations with local stakeholders, establishing an operating organization based on a public-private cooperation system, creating funding plans, improving the environment, and formulating detailed operational plans for project discovery.
Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, “The selection of the Yeouido Financial Development Promotion District for the Town Management project is significant as a paradigm shift toward private-centered urban management,” and added, “Through this project, we hope Yeouido regains vitality and rises as a global landmark.”
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