Gwangju City Officially Launches Gwangju Station Economic Base Urban Regeneration New Deal

Groundbreaking Ceremony Held for Local Small Business Manufacturing Support Facility 'Eoullim Factory'

On the morning of the 26th, Lee Yong-seop, Mayor of Gwangju Metropolitan City, attended the groundbreaking ceremony for the "Eoullim Factory Remodeling Project," part of the "Gwangju Station Economic Base Urban Regeneration New Deal Project," held near Gwangju Station in Sinan-dong, Buk-gu. He performed the first shovel ceremony with guests including Assemblyman Jo O-seop, Kim Yong-jip, Chairman of the Gwangju City Council, and Moon In, Mayor of Buk-gu. Photo by Gwangju Metropolitan City

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City officially commenced construction on the 26th with the groundbreaking ceremony for the ‘Eoullim Factory Remodeling Project,’ which will serve as the catalyst for the ‘Gwangju Station Economic Base-Type Urban Regeneration New Deal Project.’

Considering the COVID-19 situation, only about 30 people, including Mayor Lee Yong-seop, National Assembly member Jo Oh-seop, related agency officials, and local residents, attended the groundbreaking ceremony held at the project site near Gwangju Station.

Selected in 2018, the ‘Gwangju Station Economic Base-Type Urban Regeneration New Deal Project’ is being promoted to revitalize the area around Gwangju Station, where passenger numbers and foot traffic sharply declined after the unification of KTX Songjeong Station, and the local commercial district stagnated. The project includes constructing facilities to support startups and business growth, housing support for entrepreneurs, green space and environmental improvements, and establishing regional hub facilities for residential, commercial, distribution, and office uses.

The Eoullim Factory, which is now under construction, is a remodeling project of a vacant four-story building with a total floor area of 542㎡ near Gwangju Station, with a total project cost of 2 billion KRW. It will create manufacturing spaces utilizing 3D printing and provide occupancy spaces for small business owners and small business startups, contributing to enhancing the competitiveness of local small businesses and revitalizing urban manufacturing industries.

Among the five catalyst projects of the ‘Gwangju Station Economic Base-Type Urban Regeneration New Deal Project,’ starting with the groundbreaking of Eoullim Factory, the core project, the ‘Station G Construction Project’?a 35 billion KRW facility to support prospective and early-stage entrepreneurs?and the ‘Pedestrian Environment Improvement Project’ for the safety and convenience of pedestrians around Gwangju Station are scheduled to begin construction within the first half of the year.

Additionally, last year, Gwangju City was selected for the ‘Urban Regeneration Innovation District National Pilot Project,’ which will invest a total of 168.8 billion KRW over five years in a 14,000㎡ (4,235 pyeong) area behind Gwangju Station. This project aims to cluster startups and innovative companies focused on green, digital, and startup sectors, systematizing the Gwangju-type startup ecosystem around Gwangju Station and accelerating the development of Gwangju Station as the largest startup town in the Honam region.

Furthermore, in addition to the public-led economic base-type urban regeneration New Deal project and the innovation district national pilot project, a joint complex development project with Korail will be continuously promoted in the space secured through the relocation and rearrangement of railway facilities within Gwangju Station.

Gwangju City plans to invest approximately 1.2 trillion KRW (250 billion KRW national funds, 250 billion KRW city funds, 216.3 billion KRW linked to ministries, 168.8 billion KRW for the innovation district, and 749.3 billion KRW for private complex development) by 2025 in the Gwangju Station area through the economic base-type urban regeneration New Deal project, urban regeneration innovation district, and private complex development to establish the area as the ‘largest startup complex in the Honam region.’

Mayor Lee Yong-seop said, “Starting with this groundbreaking ceremony, the urban regeneration projects being vigorously promoted around Gwangju Station are innovative and bold projects by Gwangju City to revitalize the declining old downtown and create a new growth base for Gwangju. We will successfully complete the economic base-type urban regeneration New Deal project, the Gwangju Station Innovation District National Pilot Project, and the Gwangju Station complex development project to establish the Gwangju Station area as the largest startup complex in the Honam region.”