Gwangmyeong City Approves Urban Development Zone and Plan for 'K-Innovation Town'
Simultaneous Demolition and Site Preparation to Accelerate Completion to 2028
The duration of the 'K-Innovation Town' project, which is being promoted by Korea Asset Management Corporation (KAMCO) on the site of the former Youth Workers' Welfare Center in Haan-dong, Gwangmyeong, Gyeonggi Province, is expected to be shortened by about two years. As a result, 'Boramchae Apartment,' which served as a dormitory for female workers in the Guro Industrial Complex during the 1980s, will be demolished next year and disappear into history.
A panoramic view of Boramchae Apartment in Haan-dong, Gwangmyeong, built in the 1980s and used as a dormitory for female workers in the Guro Industrial Complex. After demolition next year, a 'K-Innovation Town' equipped with startup and cultural facilities is scheduled to be established by 2028. Provided by Gwangmyeong City
On August 29, Gwangmyeong City announced its plan to approve and officially announce early next month the 'Designation of Urban Development Zone and Development Plan for the Site of the Former Youth Workers' Welfare Center in Gwangmyeong.' This plan aims to establish the 'K-Innovation Town' on 62,000 square meters of state-owned land located at 740 Haan-dong.
According to the plan, KAMCO will obtain implementation approval within this year, demolish the existing buildings next year, and begin site preparation work, with the goal of completing the project by 2028.
Jung Jongbaek, Director of Urban Planning at Gwangmyeong City, explained, "Although the original completion date was set for 2030, we decided to shorten the project period after consultations with the Ministry of Economy and Finance and KAMCO in order to address safety concerns arising from the prolonged neglect of the buildings. To achieve this, we plan to proceed with demolition and site preparation design simultaneously."
The newly developed 'K-Innovation Town' will be transformed into a multi-purpose complex encompassing youth startups, residential spaces, corporate offices, and a cultural park. The project will be overseen by the Ministry of Economy and Finance, with KAMCO entrusted with its development.
The existing buildings on the site embody the history of the former Guro Industrial Complex, which was a central hub during the industrialization era of the 1970s and 1980s. In 1982, the Seoul Metropolitan Government purchased the land from Gwangmyeong City to build a welfare center for unmarried female workers who had come from other regions, and in 1986, Boramchae Apartment was constructed as a dormitory for workers.
However, as the industrial complex declined after the 1990s, the number of users decreased, leading to the closure of the apartment in September 2015 and the welfare center in December 2017. Since then, the site has been left abandoned.
In July 2021, ownership of the site was transferred to the Ministry of Economy and Finance, and in December of the same year, the National Property Policy Deliberation Committee selected it as a target site for development. In August last year, the committee gave final approval to the project plan, allowing the development to gain momentum.
Park Seungwon, Mayor of Gwangmyeong, stated, "This project is a significant turning point for returning public spaces to the citizens and for the city to advance as a self-sustaining city equipped with industry, culture, and leisure. We will continue to work closely with the Ministry of Economy and Finance and KAMCO to ensure the project is completed swiftly."
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