Total Project Cost 27 Billion KRW, National and Provincial Funding 17.5 Billion KRW
Implementation Over 5 Years from Next Year to 2026
The area around Geumo Market in Gumi-si, Gyeongbuk has been finally selected as a target area for the Urban Regeneration New Deal project by the Ministry of Land, Infrastructure and Transport.
[Asia Economy Yeongnam Reporting Headquarters, Intern Reporter Se-ryeong Lee] Geumosan Market in Gumi, Gyeongbuk is being reborn. The "Happy Imagination (想像) to Gather People in Wonpyeong" project has been finally selected in the Ministry of Land, Infrastructure and Transport's Urban Regeneration New Deal Project competition.
Gumi City presented the necessity of urban regeneration, stating that the area around Geumosan Market in Wonpyeong-dong is experiencing deterioration of residential environment due to population decline and rapid aging, and that the commercial district continues to stagnate as low-rise neighborhood living facilities and lodging facilities are densely concentrated.
Good transportation accessibility, available local resources, high willingness of residents to participate, and a plan to build a large-scale apartment complex of 4,700 households near the target area positively contributed to the final selection.
The city secured 17.5 billion KRW of national and provincial funds out of the total project cost of 27 billion KRW and will promote the project over five years from 2022 to 2026.
The Geumosan Market area urban regeneration New Deal project will be redeveloped as a "central business district type." In the 250,000㎡ urban regeneration activation area, the project plans to proceed in phases with the establishment of a resident community center, key facilities for children, youth, and the elderly, a commercial and cultural specialized street, urban leisure and resting spaces, and the introduction of life-oriented smart technologies.
The city expects that the project will improve the living environment of local residents and revitalize commercial districts such as traditional markets and small-scale stores.
Mayor Jang Se-yong said, "With the selection of Geumosan Market following Wonpyeong-dong and Seonjuwonnam-dong, the first pledge project of urban regeneration in the old downtown has been completed," and added, "We will steadily promote the project to complete a distinctive Gumi-style urban regeneration."
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