New Vitality in the Old Downtown 'PangPang'... Pohang City Transformed Completely through the 'Urban Regeneration New Deal Project'

A New Model for Urban Regeneration Proposed with Over 11 Trillion Won Investment

Groundbreaking ceremony for the Marine Industry R&D Center, an urban regeneration New Deal project in Pohang City, Gyeongbuk. [Image source=Pohang City]

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] The old downtown area of Pohang, Gyeongbuk, is expected to be completely transformed on the 24th through the ‘Pohang-style Urban Regeneration New Deal Project’ to add new value to the city and prepare for the next 100 years.

Since 2014, efforts have been focused on urban regeneration projects to revitalize the aging original downtown area.

The Pohang-style Urban Regeneration New Deal Project is centered on three areas selected through the central government’s public contest: Jungang-dong (central business district type), Pohang Old Port (economic base type), and Sinheung-dong (neighborhood revitalization type).

This is the first case in Korea where three large-scale urban regeneration projects with significant economic ripple effects are selected and promoted almost simultaneously, and it is expected to present a new model for urban regeneration.

Mayor Lee Kang-deok of Pohang said, “We will promote urban regeneration projects based on Pohang’s abundant marine resources, traditional culture, and the experience and potential gained from leading industrialization, and we will not spare continuous interest and support for revitalizing the city, creating jobs, and activating the local economy.”