The Seoul Metropolitan Government announced on the 6th that it has decided on the redevelopment plan for the area surrounding Mok-dong Station in Yangcheon-gu, where old residential areas and market commercial districts are mixed. The city explained that the project is expected to be officially launched, as the proposal was ‘approved with modifications’ during the 16th Urban Planning Committee meeting held on November 5th.
This area, adjacent to Yeomchang Station on Subway Line 9 (express), serves as an ideal urban residential area with good accessibility to Yeouido and Yeongdeungpo. Although the Mok 2-dong market has a vibrant commercial area and bustling foot traffic, low-rise old houses are densely packed in the back, leading to a poor urban environment with a persistent demand for housing supply.
Through this redevelopment plan, the area will be developed into a ‘living zone center integrating residential, job, and educational facilities.’ The plan includes the construction of 414 apartment units with a floor area ratio of 317%, spanning from the third basement to the 24th floor, along with neighborhood facilities and start-up and educational infrastructure.
Seoul plans to expand infrastructure for both the young and middle-aged residents through public contributions resulting from the rezoning of land usage. The city will consolidate the ‘Youth Cook Business Center,’ which was previously dispersed in Gwangjin-gu and Yeongdeungpo-gu, to support youth entrepreneurship and will establish a lifelong learning center to meet the educational needs of the middle-aged and elderly. The city aims to provide tailored public services to match the demographic structure of the area.
Efforts to improve transportation conditions will also be made. The width of Mokdong Jungang Buk-ro will be expanded from 8 meters to 10 meters, ensuring vehicle entry and exit routes, and a frontal setback limit will be designated at the street to secure a 3-meter setback area in front of the building. An open pedestrian space will be created around the perimeter of the complex to enhance pedestrian convenience and openness.
Seoul stated, “The area around Yeomchang Station is expected to become a complex hub combining housing, entrepreneurship, and education, and to boost local commercial districts in conjunction with Mok 2-dong market.”
This project marks the first participation of the Seoul Housing and Communities Corporation (SH Corporation) in a station area revitalization project. SH Corporation has established a redevelopment plan that considers development constraints such as the sloped low-rise residential district nestled in the Yongwang Mountain foothills, aiming to minimize resident burden and enhance the feasibility of the project.
Besides the Yeomchang Station project, SH Corporation plans to participate in the Hongje Station area revitalization project as a joint operator. SH Corporation aims to systematically support the entire project process, including initial funding procurement, project implementation approval, and completion while establishing a model of public management projects in collaboration with residents.
SH Corporation has also contributed to the normalization of delayed projects, such as the Dapsimni District 17 urban regeneration project, which faced delays due to conflicts within cooperatives, reduced business value, and construction company withdrawals. It also participated in the redevelopment of Junggye Bon-dong (Baeksa Village), which was stalled due to the designation of the residential preservation zone, and the Ahyeon-dong 699 public redevelopment project, which encountered issues with shared ownership problems.
In particular, the Ahyeon-dong 699 project faced challenges due to the difficulty in proceeding with the small-scale shared equity holders who were eligible for cash settlement. However, with SH Corporation’s participation in the public redevelopment, incentives such as a floor area ratio increase were applied, granting sales rights to approximately 580 cash settlement eligible individuals, securing continuity in residency.
Since starting a reconstruction project in Gangnam in 2016, SH Corporation has been promoting housing supply businesses in 22 areas totaling about 20,000 units, including △ 16 public redevelopment/reconstruction zones (Ahyeon1, Singil13, etc.) △ 2 station area revitalization zones (Yeomchang Station, Hongje Station) △ 3 public participation redevelopment zones (Sewoon 4, Junggye Bon-dong, Dapsimni 17) △ 1 market redevelopment zone (Yangnam Market).
SH Corporation plans to continue identifying and participating in redevelopment projects in areas where private initiatives are challenging due to a lack of business value, funding difficulties, and resident conflicts. The corporation will also persistently pursue housing environment improvements and housing supply while expanding the model of public-led redevelopment projects.