The Seoul Metropolitan Government will push ahead with a redevelopment project in the area of 791 Mia-dong, Gangbuk-gu, under its Rapid Integrated Planning scheme, boosting project feasibility through height restriction easing and a business feasibility correction coefficient.
According to the Seoul Metropolitan Government on Tuesday, the area around 791 Mia-dong will be transformed into a residential complex of up to 23 stories with 525 units through Rapid Integrated Planning. The 25,215.4-square-meter site had been subject to activity restrictions for 50 years, barring any development other than self-funded redevelopment in which residents individually rebuild or renovate their properties.
The city has shifted to a joint redevelopment approach to lay the groundwork for improving the residential environment. Joint redevelopment refers to a method in which a union of residents and a construction company jointly carry out the project, and it is the most widely used approach in current urban renewal projects. The city strengthened the feasibility of the project by applying height restriction easing in the high-rise restricted zone (an average of 45 meters) and a business feasibility correction coefficient of 2.0.
Based on a land use plan that considers consistency with surrounding areas, the city plans to communicate with the local community and establish a complex plan linked to Samyang Intersection Station. It also intends to focus on creating a living cluster and revitalizing street activity as the project moves forward.
"We will provide support from the drafting and announcement of the redevelopment plan through follow-up procedures such as union establishment approval," a Seoul Metropolitan Government official said. "We plan to accelerate the progress of the project."
