Seoul City, Nowon-gu, and Hyundai Development Company Sign Business Agreement on the 22nd
Nowon-gu, Seoul (District Mayor Oh Seung-rok) announced on the 22nd that it signed a tripartite Memorandum of Understanding (MOU) with Seoul City and Hyundai Development Company to ensure the smooth progress of the Gwangwoon University Station area development project, pledging active cooperation in the permit procedures to prevent any setbacks in the project.
Mayor Oh Seung-rok stated, “With the Gwangwoon University Station area development project, the Wolgye-dong area will be reborn as a new northeastern hub where commercial, business, and residential areas harmoniously coexist.”
The Gwangwoon University Station area development project is a large-scale complex development transforming an aging logistics site that causes dust and noise into a northeastern new economic hub with premium residential complexes up to 49 stories high, alongside job creation opportunities.
The site was selected in 2009 as a pre-negotiation target for Seoul City’s urban planning change, but faced difficulties such as two failed private developer bids due to high land acquisition costs, permit burdens, and excessive project expenses. Another major challenge was the unauthorized occupation and sit-in protest by dockworkers demanding alternative jobs and compensation after the logistics site operation ceased at the end of 2020.
Nowon-gu explained that thanks to the district’s active mediation, the dispute between Hyundai Development Company, the project implementer, and the dockworkers’ union was amicably resolved. Following the demolition of the logistics warehouse and silo, the district unit plan was finalized last year, and this MOU marks the fruition of these efforts.
The project site will be developed into public land, commercial-business land, and mixed-use land. The public land will host various lifestyle-themed cultural hubs such as a library, a youth startup support center assisting young entrepreneurs from seven local universities, a cultural and sports center accessible to all age groups, the Wolgye 3-dong community center, and public dormitories, providing convenience facilities for local residents.
The commercial-business land is planned to include an urban-style hotel, office, and commercial facilities. Once Hyundai Development Company relocates its headquarters there, it is expected to create a significant number of jobs and become an economic center.
The mixed-use land will consist of eight buildings, transforming into a premium cultural complex residential area with up to 49 stories and 3,052 housing units, integrating residential and cultural facilities.
A district official said, “Through this agreement, Seoul City and Nowon-gu will support and implement administrative procedures, and Hyundai Development Company will actively cooperate with the headquarters relocation. The scheduled groundbreaking is set for September this year, with a target completion date in 2028. We will focus administrative efforts to ensure smooth progress.”
Meanwhile, the district has also laid the groundwork to extend the Gyeongchun Line Forest Trail, which had only been developed up to near the Gyeongchun Railway Bridge, to the Gwangwoon University Station area development site. This was made possible by being selected last year in the national railway corporation’s contest for utilizing idle railway land, allowing exemption from usage fees for the railway land for up to 20 years.
Additionally, through public contributions, infrastructure such as east-west connecting roads and pedestrian overpasses will be newly constructed, and Hancheon Bridge will be expanded to enhance transportation infrastructure. With the opening of the Metropolitan Area Express Railway (GTX)-C line, revolutionary transportation improvements will be realized. The 'GTX-C Gwangwoon University Station' is scheduled to open after completion in 2028.
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