Legal and Financial Consulting for Projects Including Bukchon-ro Underground Parking Lot Construction
Jongno-gu, Seoul (District Mayor Jeong Munheon) announced on the 7th that it signed a “Business Agreement for the Activation of Community-Based Private Investment Projects” with the Korea Credit Guarantee Fund (Chairman Choi Wonmok) at the district office’s planning situation room on the 6th.
Jongno-gu and the Korea Credit Guarantee Fund signed a business agreement on the 6th to promote the "Community-Based Private Investment Project." Jeong Munheon, Mayor of Jongno-gu (left in the photo), and Jo Chunghaeng, Director of the Korea Credit Guarantee Fund, are posing for a commemorative photo. Provided by Jongno-gu.
The two organizations promised to establish a continuous cooperation system to strengthen residents’ living conditions and expand living SOC (social overhead capital).
The district will seek legal and financial advice and review from the Korea Credit Guarantee Fund for three private investment projects currently in the basic planning stage to enhance project completeness, and will request cooperation from central government ministries and the Seoul Metropolitan Government.
Jongno-gu is currently developing basic plans for private investment projects aimed at improving resident convenience and transportation conditions, including the “Bukchon-ro Underground Parking Lot Construction,” “Changgyeonggung-ro?Hyehwa Rotary Road Space Complex Development,” and “Sinmunno Eco-friendly Building Construction.”
The “Bukchon-ro Underground Parking Lot Construction Project,” which has been underway since February last year, is currently conducting a commercial area analysis. Upon completion, a 450-space underground parking lot and cultural and sports facilities will be established in the Bukchon-ro area, stretching from Anguk Station to Gahoe-dong Catholic Church, which is expected to significantly improve residents’ quality of life. Plans are also being considered to build neighborhood living facilities, including daily life-oriented businesses such as clinics, pharmacies, and bathhouses that disappeared due to gentrification in Bukchon.
The district completed the basic planning service for the “Changgyeonggung-ro?Hyehwa Rotary Road Space Complex Development” project, which started in December 2023, and will issue a traffic feasibility review service within the year. This project aims to utilize the underground space of Changgyeonggung-ro, a major arterial road connecting Jongno-gu to Seongbuk-gu in northern Seoul, and the Hyehwa intersection to supply large-scale performance halls and support facilities for theater artists, as well as to build an underpass and parking lot to resolve chronic traffic congestion.
Jongno-gu is promoting the “Sinmunno Eco-friendly Building Construction” project in the area of 58-36 Sinmunno 1-ga. The project focuses on applying eco-friendly concepts to the design and maximizing energy self-sufficiency, introducing cultural facilities, child welfare facilities, office facilities, and parking facilities. After seeking advice to minimize district financial input and enhance profitability for private investors, the project will proceed sequentially.
District Mayor Jeong Munheon stated, “I hope the two organizations will closely cooperate to create exemplary cases of community-based private investment projects,” and added, “We will continue to devise various measures to expand living infrastructure and improve residents’ quality of life.”
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