Ministry to Invest 832.3 Billion Won in Urban Revitalization in First Half of Year
Suwon Old City Center to Become Cultural Tourism Hub
Former U.S. Military Site in Chuncheon to Emerge as Video Industry Hub
Seonghwan-eup in Cheonan to Be Developed as Sub-center and Industrial Base
The Ministry of Land, Infrastructure and Transport announced on September 5 that Yeonghwa-dong in Suwon, Gyeonggi Province; Geunhwa-dong in Chuncheon, Gangwon Province; and Seonghwan-eup in Cheonan, South Chungcheong Province have been designated as Urban Regeneration Innovation Districts for the first half of this year. The ministry plans to invest a total of 832.3 billion won to revitalize approximately 178,000 square meters of declining areas and to create 1,151 jobs during the project period.
The Innovation District initiative aims to revitalize aging city centers by utilizing idle urban land to integrate residential, commercial, cultural, and industrial functions in one location, while attracting businesses to stimulate local economies. Selected areas benefit from relaxed building regulations and receive financial support from the central government.
Yeonghwa-dong in Suwon, an old city center adjacent to Hwaseong Fortress, has 77% of its buildings aged over 20 years. The ministry plans to establish a cultural tourism hub that supports tourism, commerce, and cultural content by leveraging the area's unique cultural resources. This project is expected to boost the local economy and create jobs.
Geunhwa-dong in Chuncheon is a large site near Chuncheon Station that was previously occupied by a U.S. military base. The ministry intends to foster an advanced video industry and develop the area into a cultural complex hub by establishing a collaboration system among industry, academia, and research institutes. However, since the current site is designated as a park under the city’s master plan, the area's selection is conditional upon changing its land use designation (from natural green space to general commercial, etc.).
Seonghwan-eup in Cheonan focuses on creating a knowledge and industrial complex hub based on Seonghwan Station and nearby universities, with the goal of restoring the sub-center function of the northern living zone. The project aims to revitalize local businesses by supporting startups and improving the environment of traditional markets, while transforming the area into an advanced industrial base. However, since 45% of the project site is privately owned, securing legal grounds (title) for land use is a prerequisite.
The three newly designated districts will receive a combined 75 billion won in central government funding and 50.1 billion won in local government funding. The project will establish 2,276 parking spaces, 10 shared-use facilities, 298 housing units, and 148 accommodation rooms, thereby enhancing social infrastructure.
Jungang-dong in Yeoju, Gyeonggi Province, was selected as a candidate site for the first half of the year. The plan is to utilize land near Yeoju City Hall to create a mixed-use commercial space and an education and culture center.
The ministry will continue to hold various public offerings in the second half of the year, including for additional Innovation Districts, regionally specialized regeneration projects, and improvements to aging residential areas. Kim Junghwa, Director of Urban Regeneration at the ministry, stated, "We will provide tailored consulting for each region and maintain ongoing communication with local governments."
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