[Asia Economy Reporter Kim Min-young] On the 29th, Seoul City announced that the 1st Urban Regeneration Committee meeting held the previous day conditionally approved the Urban Regeneration Activation Plan (draft) for the area around Guui Station.
With the plan finalized, the city will invest a total of 20 billion KRW by 2026 in the 180,000㎡ area around Guui Station, the project site, to actively promote pilot projects in five different sectors.
The area around Guui Station has 76.8% of buildings aged over 20 years, and the commercial district has been declining due to the relocation of the Seoul Eastern District Court and Prosecutor's Office in 2017, causing legal service businesses to leave. It was designated as a central urban regeneration activation area in November 2019.
The city plans to promote urban regeneration projects aiming to revitalize the downtown commercial district and improve the residential environment of low-rise residential areas by attracting increased foot traffic linked to the completion of the advanced complex business district development on the KT site in Jayang 1 District adjacent to Guui Station, scheduled for 2024.
The city will develop Migaro, a local commercial street, into a regional landmark. To expand visitors, the pedestrian environment of Migaro will be improved, and a symbolic plaza will be created at the Migaro intersection to be used as a space for various cultural events such as busking.
Additionally, vacant spaces within the commercial district will be utilized to create a win-win cooperative shopping area supporting new food service startups, and through a youth startup incubating project, new entrepreneurs will be provided with office and workspace. Furthermore, the city plans to revitalize the local commercial district through customized customer management and marketing education for local merchants and commercial district promotion.
To enhance convenience for Migaro visitors and local residents, the Guui 1-dong public parking lot facilities will be improved, and bicycle cabinets will be installed under the Guui Station overpass. This will strengthen accessibility to the Migaro commercial district and improve user satisfaction through environmental maintenance projects.
The living convenience of residents around Guui Station is also expected to increase. To establish a safe living environment in the low-rise residential area within the project site, a smart safe walking path will be created, and life SOC facilities such as a fitness center, senior welfare facilities, and children's playgrounds, which are lacking in the area, will be expanded.
Oh Dae-jung, Director of the Northeast Area Project Division of Seoul City, said, "We expect to restore the former vitality through this urban activation project and the development of the advanced complex business district on the KT site in Jayang 1 District," adding, "We will continuously support the area around Guui Station to be recreated as a space where existing merchants and new young entrepreneurs can unleash their infinite potential."
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