28-Story Mixed-Use Complex Planned Near Yeomchang Station... SH Joins Transit-Oriented Revitalization Project [Real Estate AtoZ]

Transit-Oriented Revitalization Project in Mokdong 523-45 Area
414 Apartment Units, Youth Startup Support, and Lifelong Learning Facilities Introduced

A 24-story mixed-use complex featuring residential, startup, and educational facilities will be constructed in the Mokdong 523-45 area near Yeomchang Station on Subway Line 9. This is the first transit-oriented revitalization project in which SH (Seoul Housing & Communities Corporation) is participating as a public developer.

Location map of the transit-oriented revitalization project area at Mokdong 523-45. Provided by Seoul City.

The Seoul Metropolitan Government announced on November 6 that the 16th Urban Planning Committee has approved, with modifications, the “Transit-Oriented Revitalization Project Maintenance Plan (Draft) for the Mokdong 523-45 Area in Yangcheon-gu.”

The project site is adjacent to Yeomchang Station and, centered around the Mok 2-dong Market, has a vibrant commercial district and high foot traffic. However, the inner area is densely packed with old, low-rise houses. Through this maintenance plan, 414 apartment units will be built in a complex with three underground floors and 24 above-ground floors, along with neighborhood living facilities, startup, and educational spaces. The floor area ratio will be 317%.

The city plans to provide customized public services for each generation by integrating and relocating the Youth Cook Business Center to support youth entrepreneurship, and establishing a lifelong learning center to meet the high demand among middle-aged and older residents. These initiatives will be funded through public contributions resulting from the upgrade of land use zoning.

Improvements to the transportation environment are also planned. The width of Mokdong Jungangbuk-ro will be expanded from 8 meters to 10 meters to secure vehicle access routes, and a 3-meter setback will be established along the street by designating a front building restriction line. Open pedestrian spaces will be created around the perimeter of the complex.

This project marks the first time that SH (Seoul Housing & Communities Corporation) is participating in a transit-oriented revitalization project. Taking into account the development constraints of the sloped, low-rise residential area at the foot of Yongwangsan Mountain, the city has developed and will support a maintenance plan designed to reduce the burden on residents and increase the feasibility of the project.

Perspective view of the station area revitalization project around Mokdong 523-45. Provided by Seoul City.

In addition to the Yeomchang Station project, SH plans to participate as a joint developer in the revitalization project around Hongje Station, an area where private sector participation has been difficult. SH will systematically support the entire process, from initial funding and project approval to completion.

SH has also participated as a public developer in maintenance projects that had been stalled for long periods, such as the redevelopment of Dapsimni District 17, Junggyebondong (Baeksa Village), and public redevelopment at Ahyeondong 699. In the Ahyeondong 699 area, the project had faced obstacles due to the issue of small shared ownership interests subject to cash settlement. However, with SH’s involvement, incentives such as an increased floor area ratio have made it possible to grant sales rights even to those subject to cash settlement.

SH is currently promoting housing supply projects for approximately 20,000 units across a total of 22 areas, including: 16 public redevelopment and reconstruction districts (such as Ahyeon 1 and Singil 13), 2 transit-oriented revitalization project areas (Yeomchang and Hongje Stations), 3 public participation maintenance project areas (Sewoon 4, Junggyebondong, and Dapsimni 17), and 1 market maintenance project area (Yangnam Market).

SH stated, “We will continue to actively identify and participate in maintenance projects in areas where progress has been difficult due to insufficient profitability or funding challenges. By persistently working to improve residential environments and increase housing supply, we aim to develop a public-led model for maintenance projects.”