The Korea Rail Network Authority announced on October 27 that it will hold a public call for private proposals for the development of railway land at Busanjin Station in Busan and idle land at the Jigyeong Tourist Site in Yangyang County, Gangwon Province.
The development sites include 2,445 square meters in Sujeong-dong, Dong-gu, Busan, and 32,603 square meters in Jigyeong-ri, Hyeonnam-myeon, Yangyang County, Gangwon Province. These sites are idle land with positive development prospects, coinciding with the relocation of the Ministry of Oceans and Fisheries and the LF Complex Resort development project at the Yangyang Jigyeong Tourist Site.
The Busanjin Station site is adjacent to an eight-lane road and is directly connected to Exit 8 of Busanjin Station on the Busan Metro, offering excellent accessibility. In particular, the relocation of the Ministry of Oceans and Fisheries is scheduled for the end of this year to a site just a two-minute walk from the development area, which is expected to increase foot traffic and revitalize the local commercial district.
This site is also adjacent to the Busanjin Station-Busan Station underground railway project and is expected to serve as a growth hub for downtown Busan, creating synergies with the North Port redevelopment project being pursued in conjunction with the underground railway initiative.
Railway site around the idle land of Jigyeong Tourist Site, Yangyang County. Provided by Korea Rail Network Authority
The idle land at the Jigyeong Tourist Site in Yangyang County is located near Jigyeong Beach and offers excellent access to the Namyangyang Interchange and National Route 7. The LF Complex Resort development project (implemented by LF Square Seaside) is also underway nearby, giving the area high potential for future tourism and leisure-oriented complex development.
The Korea Rail Network Authority will solicit development plans that reflect the unique characteristics of each site and incorporate creative ideas and business capabilities from the private sector.
The application period for proposals is open until January 19 next year. Further details about the public call can be found on the Korea Rail Network Authority website.
Lee Seonghae, President of the Korea Rail Network Authority, stated, "Both the Busanjin Station area and the land near the Yangyang Jigyeong Tourist Site have high development potential. Through this public call, we will actively attract innovative ideas and capital from the private sector to promote coexistence with the local community and help these sites grow into new regional growth hubs."
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