Euljiro Tool Street Win-Win and Circular Redevelopment Project Kicks Off

[Asia Economy Reporter Onyu Lim] The win-win and cyclical redevelopment project of the Euljiro Tool Street in Seoul is set to be fully launched.

The Seoul Metropolitan Government announced that at the 12th Urban Planning Committee meeting, the 'Supo District Urban Maintenance-type Redevelopment Project Area Maintenance District and Maintenance Plan Amendment Decision' for the area around 237 Ipjeong-dong, Jung-gu, was approved with modifications.

This area has naturally formed a cluster of artisans producing various goods for nearby palaces and government offices since the mid-Joseon Dynasty. Through the Japanese colonial period and liberation, about 240 tool shops were established around Cheonggyecheon in the 1960s. It has maintained its identity as the 'Cheonggyecheon Tool Street' to this day, but the concentration of old and dilapidated buildings has raised ongoing concerns about fire hazards and safety, highlighting the need for urban environment improvements.

The Supo District was designated as a redevelopment maintenance district in 2010, and a project implementation plan was applied for in 2018. However, considerable time was required to devise measures to prevent damage to the tool industry ecosystem caused by full-scale demolition redevelopment and to protect existing small-scale tenants from displacement.

Not only for this area but also through multiple discussions involving surrounding merchants, landowners, project implementers, and experts, measures have been prepared to preserve the existing tool industry ecosystem and enable small-scale tenants to resettle and live together as members of the urban community. Based on this, a maintenance plan for coexistence and win-win development has been established.

Through this maintenance plan amendment, some buildings along Cheonggyecheon and Chungmuro will be demolished first, and substitute business sites will be installed to operate temporary stores during the construction period, providing tenants with continuous and stable business spaces. Additionally, by donating the 'Public Rental Industrial Facility Construction Site,' a public rental industrial facility will be established before construction completion, allowing existing urban industries and small-scale tenants to reoccupy. This reflects a 'phased maintenance' and 'cyclical relocation plan.'

The public rental industrial facility site will have more specific plans regarding its intended use, scale, and affordable rent through future discussions with tenants and other occupants.

With this maintenance plan amendment, protection measures for urban industries and small-scale tenants have been established, and new office facilities can be constructed with a building coverage ratio of 50% (55% for lower floors), a floor area ratio of up to 741.55%, and a height limit of 99.55 meters. Furthermore, an alleyway reflecting traces of the old road and a media art wall will be created inside the building, recreating the atmosphere of the old alleys in connection with street activation uses, and will be open to the public 24 hours a day.

Seosungman, head of the Seoul City department, stated, “Along with the ongoing redevelopment projects in the Sewoon District and Euljiro 3-ga area, this is expected to become a 'leading model of win-win and cyclical urban redevelopment' that revitalizes the deteriorated commercial areas around Cheonggyecheon and protects the existing urban industry ecosystem and small-scale tenants.”