[Commuting Hell Liberation Diary]⑪ 'Urban Regeneration Achieved by Residents' Hands'... The Miracle of London Coin Street

[Asia Economy Reporter Ryu Taemin] Southbank, located on the south side of the River Thames in London, UK, is considered a cultural hub frequented by many young people. The Tate Modern, a beloved art museum among citizens, is the largest public art museum in the UK and is regarded as the "center of contemporary art in the world." Walking along the Thames, one can see the OXO Tower, one of London's icons. As a famous spot offering a panoramic view of London's beautiful nightscape, it is always bustling with not only London residents but also tourists. Nevertheless, the small business owners here have long maintained their unique restaurants and cafes without yielding their places to large capital. This is the result of urban regeneration achieved through direct participation by residents.

Southbank, where Coin Street is located, experienced remarkable development during World War II. This was due to the establishment of military supply factories, warehouses, and ports in the area. However, after the war ended, these facilities were regarded as useless burdens, and in the 1970s, as the UK's industrial structure shifted to focus on finance and tourism, Southbank, which was centered on manufacturing and shipping industries, suffered a severe blow. The area gradually became a slum and was cited as a typical example of a "deprived area."

Then, as the development of an international financial city in London gained momentum, construction companies flocked to Southbank wanting to build high-rise office buildings and hotels. At that time, local residents opposing the development plans united to establish the Coin Street Community Builders and proposed a community plan centered on rental housing and parks. Eventually, the local government sided with the residents, and they launched a full-scale regeneration project in 1984.

A view of the area around 'Gabriel's Wharf,' transformed from a pier building into a shopping street for small business owners (Photo by Tae-min Ryu)

The first step they took was to create a pleasant environment by developing the Thames riverside promenade and parks. Afterwards, they renovated existing pier buildings into shops and business spaces. This shopping area, called Gabriel's Wharf, helped local small business owners operate their stores by paying only affordable rent. Andrew Day, who has been selling artworks here for 12 years, said, "The rent is about half the market rate, so I can run my store comfortably," adding, "During the COVID-19 pandemic, when the entire UK was paralyzed and sales were nonexistent, the cooperative did not charge rent and provided other conveniences, which helped me endure."

The eight-story OXO Tower, built with red bricks, is no different. This building, filled with exhibition spaces, restaurants, cafes, and bars, does not even have a single famous brand cafe. This is thanks to the Coin Street cooperative board's efforts to protect small business owners by blocking the influx of large capital. To this day, all decisions in Coin Street are still made through a cooperative board composed of 18 residents.

The cooperative also built new homes and supplied them at affordable prices. To date, they have constructed over 260 cooperative housing units, creating an environment where more than 1,000 residents can live comfortably. Notably, 60 of these rental homes were built in the OXO Tower overlooking the Thames, with rents only about a quarter of the market rate, making them accessible to socially vulnerable groups as well.

The success of this "resident-participatory urban regeneration" is a remarkable achievement driven by the strong will of the residents. Matthew Carmona, a professor of urban planning at the University of London, explained, "Because residents who wanted change took the initiative and engaged in organized activities, the local government was able to provide full support," adding, "Especially because residents with expertise actively led the urban regeneration, a system that can be sustained over a long period was created."

Professor Carmona also emphasized that the Coin Street urban regeneration case greatly benefits the public interest. He said, "Thanks to the activation of the local community, it is easier to understand and flexibly improve what residents and the area need, leading to the best outcomes," and added, "This form of regional development is desirable because it benefits not only the residents living there at the time of development but also future generations."

※This project was supported by the Press Promotion Fund, funded by government advertising fees.