[Asia Economy Reporter Yuri Kim] The urban regeneration project in the Insu-dong area of Gangbuk-gu, Seoul is set to kick off in earnest.
On the 17th, Seoul City held the 9th Urban Regeneration Committee meeting and conditionally approved the 'Insu-dong Urban Regeneration Activation Plan (draft),' it announced on the 18th.
The area around 416 Insu-dong, Gangbuk-gu, has faced development restrictions since the 1990s due to the designation of Bukhansan National Park and the designation as a maximum height district. As a result, over 77% of the buildings are aging, and the area is at risk of decline with deteriorating conditions and decreasing businesses and population. It was selected as a Seoul-type urban regeneration activation area in 2018.
The city stated that through more than a year of local resident consultations, regional surveys, expert advice, and coordination with related departments, it has prepared the 'Insu-dong Urban Regeneration Activation Plan (draft).' The main contents include four areas and nine projects: ▲ A Happy Eojin Village for All ▲ A Pleasant and Safe Eojin Village ▲ A Vibrant Eojin Village ▲ A Community Living Together in Eojin Village. A total of 10 billion KRW (9 billion KRW from Seoul City, 1 billion KRW from Gangbuk-gu) will be invested and implemented by 2023.
'A Happy Eojin Village for All' focuses on creating two anchor facilities in the target area, which lacks basic infrastructure. The plan aims to satisfy local residents' needs for leisure and cultural activities and restore the community through the formation of local resident networks. This will also establish a self-sustaining foundation for the continuity of the urban regeneration project.
'A Pleasant and Safe Eojin Village' is part of improving the aging residential environment. It will operate a home repair consultation center to expand home repairs and install electronic information boards to promote village news and provide information. To improve inconvenient and unsafe alley environments, pedestrian paths will be maintained and safety facilities installed.
'A Vibrant Eojin Village' involves operating market community spaces and startup experimental spaces in alley commercial areas. The plan aims to contribute to revitalizing commercial districts through local content development. 'A Community Living Together in Eojin Village' plans to establish and nurture an urban regeneration enterprise managed by residents themselves by strengthening resident capabilities and establishing an anchor facility operation plan, securing the sustainability of the urban regeneration project.
With the approval of the Insu-dong area urban regeneration activation plan, Gangbuk-gu will proceed with the notification process for the activation plan (draft) and then enter the full-scale project execution phase aiming to complete the project by 2023.
Yang Yong-taek, Director of Regeneration Policy Planning at Seoul City, said, "Insu-dong is the central area of the Gangbuk-gu urban regeneration belt, connected to urban regeneration project areas such as Suyu 1-dong and the 4.19 area nearby, and we expect synergy effects through mutual linkage with these areas." He added, "We will continue to cooperate with autonomous districts to ensure smooth project implementation."
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