Signing of MOU for New Living and Regional Economic Hub Development in Dongbuk Area
HDC Hyundai Development Company, which is in charge of the Gwangwoon University Station area development project, will begin full-scale promotion starting with the commercial and office facility site project. HDC Hyundai Development Company plans to directly own, manage, and operate some of the prime offices, luxury hotels, residential complexes, and shopping malls to revitalize the local economy.
HDC Hyundai Development Company signed a business agreement on the 22nd with Seoul Metropolitan Government and Nowon-gu to develop the Kwangwoon University Station logistics site into a new living and regional economic hub in the northeastern area through the Kwangwoon University Station area development project. From the left in the photo: Oh Seung-rok, Mayor of Nowon-gu; Oh Se-hoon, Mayor of Seoul; and Choi Ik-hoon, CEO of HDC Hyundai Development Company. Photo by HDC Hyundai Development Company
On the 22nd, Seoul City, Nowon-gu, and HDC Hyundai Development Company signed a business agreement for the "Creation of New Living and Regional Economic Hub in the Northeastern Area of Gwangwoon University Station Logistics Site." The signing ceremony was attended by Seoul Mayor Oh Se-hoon, Nowon-gu Mayor Oh Seung-rok, and HDC Hyundai Development Company CEO Choi Ik-hoon.
The Gwangwoon University Station logistics site (around 85-7 Wolgye-dong, Nowon-gu) was a facility responsible for cargo in the northeastern area but became an undesirable facility due to aging, dust, and noise. Since 2009, Seoul City has been promoting redevelopment through preliminary negotiations. In September last year, a district unit plan decision was announced to develop a complex facility combining office, commercial, and residential facilities with a maximum height of 49 floors.
The Gwangwoon University Station logistics site is planned to include commercial and office facilities (19,675㎡), apartments, public dormitories, and living SOC facilities. The goal is to establish self-sufficient functions, expand infrastructure, and create an open space. The city plans to officially start the commercial and office facility site project beginning with this business agreement.
HDC Hyundai Development Company plans to concentrate the capabilities of the HDC Group by function?residential, office, retail, and culture?in the Gwangwoon University Station area development project. Among the prime offices, luxury hotels, residential complexes, and shopping malls to be built on the development site, some will be directly owned and operated without being sold or leased, contributing to the development and revitalization of the local community. HDC Hyundai Development Company aims to establish a differentiated business model that goes beyond the standardized profit model based on sales to encompass operations as well.
HDC Hyundai Development Company also stated that it will faithfully implement the results of preliminary negotiations, including public contributions. Public dormitories, libraries, youth career centers, and cultural and sports centers will be constructed within the Gwangwoon University Station area development site. Additionally, to connect the east and west sides currently divided by railway facilities around Gwangwoon University Station, an overpass, a three-dimensional pedestrian bridge, and the Gyeongchun Line Forest Trail Park will be created. Seoul City and Nowon-gu will support cooperation among related organizations and administrative procedures to ensure the successful promotion of the Gwangwoon University Station area development project through this agreement.
HDC Hyundai Development Company, the project implementer, plans to relocate its headquarters by 2028. This is expected to contribute to the economic revitalization of the Gangbuk area, which has weak job and industrial bases. The complex site within the Gwangwoon University Station logistics site will include eight buildings with 3,072 apartment units ranging from four basement floors to a maximum of 49 floors, along with commercial facilities. After completing architectural review in April, the project is being promoted with the goal of sales in the second half of the year. The commercial office site (19,675㎡) where HDC Hyundai Development Company’s headquarters will relocate and the public site (10,916㎡) are also preparing for architectural review and design competitions, respectively.
Infrastructure improvements to resolve regional disconnection caused by railway facilities and connect the area into a single living zone are also underway. A new four-lane east-west connecting road will be constructed, and a north-south pedestrian street along the district’s central axis will be created. Regional accessibility will also improve with the scheduled opening of the Wolgye Station Northeast Light Rail (planned for 2026), the Gwangwoon University Station GTX (Capital Region Express Railway) Line C, and the undergrounding of the Dongbu Expressway.
Seoul Mayor Oh Se-hoon said, "Through the relocation of HDC Hyundai Development Company’s headquarters within the Gwangwoon University logistics site and the creation of new living and regional economic hubs, we will transform the Gangbuk area, which has been neglected in urban development for the past 50 years, from a bedroom community into a new economic city centered on jobs. This agreement will be a signal to unlock the potential of Gangbuk."
HDC Hyundai Development Company CEO Choi Ik-hoon said, "Today is a very meaningful day as Seoul City, Nowon-gu, and Hyundai Development Company join hands to draw a big picture for the development of the northeastern area. We will focus all our corporate capabilities on the success of the Gwangwoon University Station area development project, present a model of future-oriented complex development, and do our best to ensure that the Gwangwoon University Station area development project becomes a new economic hub in the northeastern area."
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