The Shinhan Bank Gwanggyo Building (formerly the site of the Chohung Bank headquarters) along Cheonggyecheon Stream in Seoul will be transformed into a commercial facility with up to 40 floors.
A bird's-eye view of the redevelopment area around Shinhan Bank Gwanggyo Building, Euljiro 2-ga, Jung-gu, Seoul. (Provided by Seoul City)
On the 21st, Seoul held the 12th Urban Planning Committee meeting and announced on the 22nd that it had approved a revised plan for the 'Euljiro 2-ga Urban Maintenance-type Redevelopment Districts 1, 3, 6, and 18' in Samgak-dong 66-1 area, Jung-gu.
The site is located between Euljiro 2-ga Station on Subway Line 2 and Cheonggyecheon Stream, and previously housed three buildings including the Chohung Bank headquarters. After Shinhan Bank merged with Chohung Bank in 2006, the Shinhan Bank Gwanggyo Branch and its affiliates have occupied the building as their office.
Originally, the area was divided into four lots: Euljiro 2-ga Districts 1, 3, 6, and 18, but it was decided to develop the four districts as an integrated project. According to the revised maintenance plan, the existing 67-meter building will be reborn as a commercial facility with up to 40 floors (not exceeding 173.8 meters) under a floor area ratio of up to 1111%.
From basement level 2 to the 4th floor, spaces preserving historical value such as a financial company museum and a relic exhibition hall are planned. A cultural center for Hoedong Bookstore, one of Korea’s modern bookstores that published works like Han Yong-un’s "Silence of the Beloved" and Lee Kwang-su’s "Mujeong," will also be established. Additionally, a sky garden will be created on the 5th and 6th floors to overlook Cheonggyecheon Stream, and an observation deck will be built on the 40th floor to provide views of Bukaksan and Namsan. An open green space of approximately 4,992.4 square meters will also be secured.
Location map of Euljiro 2-ga Urban Maintenance-type Redevelopment Districts 1, 3, 6, and 18 in Jung-gu, Seoul. (Provided by Seoul City)
As part of public contributions, a Jung-gu district office and Seoul city hall will be constructed within the area, and the Euljiro underground road will be extended to improve the underground pedestrian environment. A disconnected road on the west side of Hanbit Media Park will also be opened. A Seoul city official stated, "This public contribution will significantly establish many previously unprovided infrastructure facilities within the Euljiro 2-ga redevelopment district."
Meanwhile, the Euljiro 2-ga Urban Maintenance-type Redevelopment District is a financial development promotion zone densely populated with financial institutions, serving as a major business hub in the city center. Since its initial designation in 1977, maintenance has been completed in 7 out of 10 districts, excluding small-scale management and preservation districts.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
