Urban Park Committee Conditionally Approves 'Amendment Proposal'
Developer Accepts Conditions to Supplement Public Contribution
The former Miworld site in Gwangalli, Suyeong-gu, Busan is finally set to be reborn. It has been finalized as a 42-story residential lodging facility.
On the 30th, Busan City announced that the Park Committee conditionally approved the change in the amusement park development plan submitted by TI Busan PFV.
TI Busan PFV was initially granted permission on October 31 last year to build a general lodging facility, but requested a re-evaluation to develop a residential lodging facility instead of the originally planned general hotel due to business considerations.
The Busan City Park Committee approved the amendment submitted by TI Busan on the condition that they supplement public contribution measures to strengthen the public nature of the Minrak Amusement Park area.
Accordingly, Busan City plans to request detailed donation and dedication scales during the next stage of architectural review by the Construction Committee.
Following the conditional approval, TI Busan will proceed with constructing a residential lodging facility consisting of two 42-story buildings with 484 units on the Miworld site.
As part of the public contribution plan, they also intend to purchase 41,670㎡ of the mountain behind Minrak Amusement Park and donate it to Busan City, and create a 1,600㎡ park to replace Mugunghwa Hill, a resting area for residents within the site.
A committee official stated, “If the park sunset clause is applied to Minrak Amusement Park, there is a high possibility of severe indiscriminate development,” adding, “It should be developed as an amusement park accessible to all citizens for the benefit of local residents and the public interest of Busan.”
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