Ulsan's Old Downtown Area to Be Completely Transformed... Secures 13.2 Billion KRW in National Funding, Urban Regeneration Project Gains Momentum

Ulsan City Hall. [Image source=Ulsan Nuri]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City has secured 13.28 billion KRW in national funds for 2022, with two projects selected: the Central City Area Urban Regeneration New Deal Project and the Urban Regeneration Preliminary Project.

According to Ulsan City, the ‘Urban Regeneration New Deal Project (Central City Area Type)’ is the ‘Nam-mok Life and City Re-design (RE DESIGN) Project’ in Nam-mok 1 and 2-dong, Dong-gu. The total project cost is 29.18 billion KRW (13.08 billion KRW in national funds), with construction starting next year and completion scheduled for 2026.

The main projects include improving the poor environment of Nam-mok Maseong Market and creating the Nam-mok Cultural Gallery linked with local cultural resources such as Dongchuksa Temple and Okryucheon Stream, laying the foundation for cultural development.

Additionally, in collaboration with the Ulsan Office of Education, a public parking lot will be constructed underground at Nam-mok Elementary School’s playground to alleviate severe parking shortages.

The ‘Urban Regeneration Preliminary Project’ (preparatory project for the Urban Regeneration New Deal Project) is the ‘New Sharing Place of Affection for Merchants and Residents, Sinjeong Market Project’ in the Sinjeong Market area, Nam-gu, with a total project cost of 400 million KRW (200 million KRW in national funds).

The main projects include creating a community hub facility and cultural space, and establishing a smart market foundation to respond to the future of Sinjeong Market, aiming to encourage resident participation.