SH Reboots Mixed-Use Project for Former Garibong Market Site, Begins Design Work

[Financial News] Seoul Housing & Urban Development Corporation (SH Corporation) is restarting the redevelopment and mixed-use project for the former Garibong market site.
On the 27th, SH said it has completed the selection of the contractor for the design services for the project to redevelop the former Garibong market site. It plans to sign the contract on the 28th and begin design work.
The project aims to build a public parking lot, neighborhood convenience facilities and public housing on the 3,827-square-meter former market site in Garibong-dong, which is owned by Guro District. The housing construction plan was approved in December 2023, but the project was delayed by surging construction costs, and the agreement for the private-sector participation public housing project was also terminated in March last year.
The start of this service contract is part of the steps to restart the project after the agreement for the private-sector participation public housing project was terminated in March 2025 due to rising construction costs and other factors.
To push the project forward again, SH is seeking to change some of the modular construction methods proposed by the previous private developer to reinforced concrete (RC) construction. Its goal is to complete the permitting process this year and begin full-scale construction in the second half of next year.
SH President Sang-ha Hwang said, "The redevelopment and mixed-use project for the former Garibong market site is intended to improve parking conditions for traditional market visitors and provide the neighborhood with much-needed convenience facilities and public housing." He added, "We will work with the Seoul Metropolitan Government and Guro District to move forward with the design and permitting process without setbacks."

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