'Reconsideration' Decision at October Central Investment Deliberation
Due to Potential Overlap with Nearby Facilities
Cannot Be Reflected in Next Year's Budget Plan
The ‘Yeouido Park Restructuring Project,’ aimed at revitalizing Yeouido by constructing the Second Sejong Cultural Center (tentative name) on the site of Yeouido Park, has been stalled at the Ministry of the Interior and Safety’s Central Investment Review. Concerns have been raised about potential overlapping investments due to plans for nearby complex cultural facilities. Seoul Mayor Oh Se-hoon is pushing this project as a key initiative, but it is expected to be difficult to accelerate its progress.
According to Seoul City on the 4th, the Ministry of the Interior and Safety concluded in the third Central Investment Review conducted last month that the Yeouido Park Restructuring Project requires ‘reconsideration.’ Projects involving local government finances must undergo a local finance feasibility study and a central investment review before budget allocation. The central investment review results are classified into four categories: appropriate, conditional, reconsideration, and rejection. If ‘reconsideration’ is issued, a re-examination must be conducted.
One reason for reconsideration is the potential overlapping investment in the project’s core facility, the Second Sejong Cultural Center. A similar facility is the complex cultural facility construction project underway on the former site in Mullae-dong, which was originally a candidate location for the Second Sejong Cultural Center. Yeongdeungpo-gu is building the ‘Yeongdeungpo Arts Center,’ a district-run complex facility for cultural and artistic professionals. Additionally, the Mapo District Office’s complex performance hall project planned for the Mapo retention basin is also classified as having a similar nature. A Ministry of the Interior and Safety official explained, “Based on the potential overlap with nearby similar facilities, the necessity of the project was reconsidered, and it was concluded that differentiation in operation plans and improvement of operating revenues are needed. If the presented reasons are supplemented, the project can undergo the next round of review.”
With the project undergoing re-examination, Seoul City was unable to include it in next year’s budget proposal. Although construction is targeted to begin in the second half of 2026, the schedule is likely to be delayed. To meet the construction timeline, Seoul City held an international design competition from May to August last year. Subsequently, five works were selected to apply ‘innovative design’ to the Second Sejong Cultural Center, and in the first half of next year, a design competition will be held for the five teams selected in the first competition to select a preferred negotiation candidate for the design service contract.
A Seoul City official stated, “The second design competition will proceed after passing the central investment review, and we plan to reorganize and supplement the project before the next investment review. Although it was not reflected in next year’s budget, the project will proceed through supplementary budget allocations.”
The Yeouido Park Restructuring Project began to invest 617.5 billion KRW in a 195,939㎡ park site to create waterfront cultural spaces, urban cultural green plazas, ecological parks, and to construct the Second Sejong Cultural Center (tentative name). The Second Sejong Cultural Center will consist of a large theater with 2,000 seats, a medium theater with 800 seats, rehearsal rooms, exhibition halls, and convenience facilities. Seoul City has promoted the construction of the Second Sejong Cultural Center based on the fact that there is no representative performance hall in the southwestern area. The goal is to integrate Yeouido Park and Hangang Park and connect green corridors to create a complex cultural space centered on popular culture content. Meanwhile, Yeouido Park was established as a plaza in 1972 and has been used as a park since January 1999. It covers an area of 229,539㎡ (approximately 70,000 pyeong), accounting for about 8% of Yeouido.
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