Yeongdeungpo District to Undergo Major Transformation with 49-Story Mixed-Use Complex Near Yeongdeungpo Traditional Market

Three Zones Integrated into Yeongdeungpo 1-12
Relaxed Commercial Ratio Regulation Increases Housing Units to 1,182

The Yeongdeungpo District Office in Seoul announced on June 26 that the Yeongdeungpo 1-12 Redevelopment Promotion Zone near Yeongdeungpo Traditional Market has completed approval for changes to the association's establishment and will be redeveloped into a mixed-use residential complex with a maximum height of 49 stories.

The "Redevelopment Promotion Project" aims to improve deteriorated residential environments and expand urban infrastructure simultaneously, with public and private sectors working together to comprehensively upgrade not only residential conditions but also overall urban functions.

With the revision of the redevelopment promotion plan, the Yeongdeungpo 1-14 and 1-18 zones have been integrated into the Yeongdeungpo 1-12 zone. As a result, on June 16, the district approved changes to the association's establishment, including changes to association members.

The Yeongdeungpo 1-12 zone is located in the Yeongdeungpo-dong 5-ga 22-3 area, a residential neighborhood close to Yeouido and the center of Yeongdeungpo. In this area, a large-scale mixed-use residential complex with 49 above-ground floors and a total of 1,182 units will be constructed. Notably, the non-residential ratio in the commercial area has been relaxed from 20% to 10%, allowing the number of housing units to increase from the previous 413 to 1,182. This change reflects the result of regulatory easing proposed by the district to the Seoul Metropolitan Government last year to address concerns about vacant commercial spaces and to improve the project's profitability.

Yoon Sangbae, head of the association, stated, "Initially, redevelopment was being pursued separately in the Yeongdeungpo 1-12, 1-14, and 1-18 zones, but as the three zones have been merged into one, the burden on association members has been reduced and the project's profitability has greatly improved. Although there were many difficulties during the integration process, such as the demolition of traditional houses, many issues were resolved thanks to the active cooperation of the district office. In particular, policy changes for the commercial area have increased the residential ratio to as much as 90%," he added, expressing his expectations.

The district plans to provide swift administrative support for integrated reviews and business implementation plan approvals, ensuring that the project proceeds without setbacks. For residents who have difficulty accessing information, the redevelopment and reconstruction consultation center will provide detailed guidance on legal matters, procedures, and project progress.

Choi Hokwon, the head of Yeongdeungpo District Office, commented, "Currently, about 80 redevelopment and reconstruction projects are underway throughout Yeongdeungpo. This is the result of communication and cooperation among the district, Seoul Metropolitan Government, and the associations. As redevelopment and reconstruction are projects that change residents' lives, we will do our utmost to relax regulations and provide information so that the projects can move forward vigorously."