Yeongtong Urban Regeneration Innovation District in Suwon Selected as Candidate Site for Ministry of Land National Pilot District

The Yeongtong Urban Regeneration Innovation District in Suwon City, Gyeonggi Province, has been selected as a candidate site for the national pilot Urban Regeneration Innovation District for the first half of this year, under the supervision of the Ministry of Land, Infrastructure and Transport.

The plan for the Yeongtong Urban Regeneration Innovation District includes establishing a complex base called "Yeongtong Innovation Park" by utilizing the site of the aging Yeongtong District Office (located in Maetan-dong 1268, Yeongtong-gu).

The Urban Regeneration Innovation District project is an urban regeneration initiative that creates regional hubs by integrating various functions—industrial, commercial, residential, and living social overhead capital (SOC)—on underutilized and aging urban sites.

If ultimately designated as a national pilot district, the project could receive up to 25 billion won in national funding, 5 billion won in provincial funding, as well as support through loans and investments from the Housing and Urban Fund. Additional assistance would include administrative support such as integrated reviews and regulatory relief for building codes.

The Yeongtong Urban Regeneration Innovation District, selected as a candidate site, plans to apply for the official national pilot district competition administered by the Ministry of Land, Infrastructure and Transport after further detailing the business plan, consulting with relevant agencies, and conducting feasibility and viability reviews. The final decision on whether the site will be designated as a national pilot district will be made following a thorough review process.

The Yeongtong Urban Regeneration Innovation District in Suwon, Gyeonggi Province has been designated as an Urban Regeneration Innovation District by the Ministry of Land, Infrastructure and Transport. Provided by Suwon City

The proposed Yeongtong Urban Regeneration Innovation District covers the site currently occupied by the Yeongtong District Office, with a total area of 20,022 square meters. As the site is mainly used for aging public buildings and surface parking lots, there has been a growing need for complex development to accommodate administrative demand, expand living SOC infrastructure, and provide industrial support functions.

Yeongtong Innovation Park is planned to feature a multifunctional government office providing one-stop administrative services, community-based living SOC facilities including a swimming pool, public parking lots, advanced industry offices related to artificial intelligence (AI) and semiconductors, and rental housing for young people and newlyweds.

Suwon City is reviewing the possibility of implementing the project using an urban regeneration REITs (Real Estate Investment Trusts) model, in cooperation with relevant agencies such as Suwon Urban Corporation and the Housing and Urban Guarantee Corporation (HUG).

A Suwon City official stated, "The selection of this candidate site is the first step toward transforming the area around the Yeongtong District Office into a multifunctional hub. We will faithfully carry out the necessary procedures and do our utmost to ensure it is designated as a national pilot Urban Regeneration Innovation District."

This content was produced with the assistance of AI translation services.