Seoul’s Yeongdeungpo District announced on the 26th that it has completed the approval process for changes in the establishment of a union for the redevelopment promotion area near Yeongdeungpo Traditional Market’s Yeongdeungpo 1-12 zone, and will commence with the full-scale development project, which includes constructing a residential-commercial complex up to 49 stories high.
This project is the result of merging three existing zones: Yeongdeungpo 1-12, 1-14, and 1-18. Consequently, changes reflecting the members’ changes were approved on the 16th. The Yeongdeungpo 1-12 zone is located at 22-3 Yeongdeungpo-dong 5-ga, adjacent to the Yeouido and Yeongdeungpo central business district.
According to the redevelopment plan, the area will see the construction of a residential-commercial complex with 49 stories above ground, providing a total of 1,182 units, which is approximately 2.8 times the current 413 units. The proportion of non-residential use in commercial areas has been relaxed from the previous 20% to 10%, allowing for a significant increase in housing supply. This change results from the acceptance of deregulation proposals suggested by the Yeongdeungpo District to the Seoul city last year.
Union head Yoon Sang-bae mentioned, “The unification of the three zones has reduced the burden on members and increased the project’s viability.” He added, “Although there were difficulties such as the renovation of Japanese-style houses during the integration process, these were resolved with the district office’s cooperation, and the residential proportion in commercial areas was expanded to 90%, which positively impacted the project’s progress.”
Yeongdeungpo District plans to quickly support various licensing procedures necessary for the project’s advancement. A redevelopment and reconstruction consultation center will also be operated to guide residents on legal matters and procedures.
Choi Ho-kwon, the head of Yeongdeungpo District, noted, “About 80 redevelopment projects are underway throughout Yeongdeungpo, which is a cooperative achievement with the Seoul city. We will actively seek to ease regulations and provide information to improve residents’ living conditions.”