National and Provincial Government Support of 6 Billion KRW Boosts Multi-Purpose Child Welfare Center Construction
Old Yeongnam Department Store Building, Neglected for 30 Years, to Be Demolished This Year and Construction to Start Next Year
Jinju Old Yeongnam Department Store Government Hazardous Building Regeneration Project Special Competition Selected Multipurpose Child Welfare Center Perspective [Image Source=Jinju City]
[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] On the 15th, it was announced that the multi-purpose child and welfare center construction project on the site of the old Yeongnam Department Store in Insadong, Jinju-si, Gyeongnam, was finally selected in the Ministry of Land, Infrastructure and Transport's special public contest for the regeneration of dangerous buildings (safety grade D or E).
The city will receive 6 billion KRW in national and provincial funds over three years starting this year, giving momentum to the project.
The Insadong multi-purpose child and welfare center construction project plans to invest 19.8 billion KRW to complete compensation for the site and existing buildings this year, demolish the buildings, start construction early next year, and complete it by 2023.
The Ministry of Land, Infrastructure and Transport's special public contest for the regeneration of dangerous buildings is an urban regeneration recognized project that renovates dangerous buildings in areas outside urban regeneration activation zones where regeneration projects are needed.
The old Yeongnam Department Store is a grade D dangerous building, which means it has serious defects requiring urgent repair and decisions on usage restrictions.
The city participated in the Ministry of Land's special contest last February, underwent on-site inspections by the evaluation team, preliminary evaluations, and final project presentations, and passed the Ministry of Land, Infrastructure and Transport's Urban Regeneration Special Committee review held in early April, finally being selected as one of the three nationwide project sites on the 15th.
With this project selection, the old Yeongnam Department Store building, which had been neglected for 30 years, will be reborn as a complex building equipped with child and welfare facilities and a public parking lot, expected to become a landmark that creates a pleasant residential environment and revitalizes the local economy.
Mayor Jo Gyu-il stated, "This selection in the special public contest is the result of the residents' active participation will, Gyeongnam Province, local National Assembly members, and the city's active efforts," adding, "We will make this a successful project that meets citizens' expectations by revitalizing the old downtown along with the maintenance of dangerous facilities."
The old Yeongnam Department Store had been abandoned for 30 years since its closure due to bankruptcy in 1992, and in January 2019, a fire caused by an electrical short circuit occurred, turning it into an eyesore threatening citizen safety in the city center and negatively affecting nearby commercial areas.
In particular, due to the complex interests among many owners (about 120 people), private self-maintenance became practically impossible, so the city pursued purchase and demolition through the urban regeneration project.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
