BUSAN — A mixed-use development combining public rental housing with public parking is set to move forward in Hocheon Village, Beomcheon-dong, Busanjin-gu. The urban regeneration project aims to simultaneously improve aging residential areas and address parking shortages.
Busan Urban Corporation announced on the 27th that it has finalized its participation in the "Hocheon Village Integrated Public Rental Housing Mixed-Use Development Project," a joint initiative with Busanjin-gu District in the area around 1515-28 Beomcheon-dong, and will now enter full-scale project development.
The project is part of the "Busanjin-gu Urban Regeneration New Deal Project (Residential Support Type)" selected in 2020. It will create 20 integrated public rental housing units and 15 public parking spaces in an area densely packed with aging low-rise housing. The structure addresses housing supply and infrastructure expansion simultaneously.
Having completed internal participation procedures, the corporation plans to sign an implementation agreement with Busanjin-gu District in the first half of this year. Design work will follow, with construction targeted to begin in 2028 and completion scheduled for 2029. After completion, the corporation will operate the rental housing while Busanjin-gu District will manage the public parking facility.
The corporation expects the supply of quality integrated public rental housing to attract new residents, including young people, creating a virtuous cycle that revitalizes local commerce and community.
"This project is a community-oriented mixed-use development that simultaneously improves residential environments in aging neighborhoods and resolves parking shortages," said Shin Chang-ho, CEO of Busan Urban Corporation. "We will contribute to improving citizens' quality of life through housing supply linked with urban regeneration."