A 24-Story Office and Cultural Complex to Rise Between Cheonggyecheon Stream and Seoul Metropolitan Government

[Financial News] Mugyo-Dadong Area 4 District, an aging cluster of buildings near Seoul Metropolitan Government and Cheonggyecheon Stream, will be transformed into a large office and cultural complex.
Seoul Metropolitan Government said on the 30th that it had held the 10th Urban Planning Committee's Special Subcommittee on Redevelopment Projects on the 28th and conditionally approved a revised plan for the urban redevelopment project in Mugyo-Dadong Area and Mugyo-Dadong Area 4 District.
The site is a key downtown location near Cheonggyecheon Stream, Seoul Plaza, and Sejong-daero, but redevelopment was urgently needed because existing buildings, including The Exchange Seoul, had deteriorated severely. Under the revised plan, development density has been set at a building coverage ratio of 47% or less, a floor area ratio of 1,037% or less, and a maximum height of 126 meters or less. As a result, a large office building with a total floor area of 64,000 square meters, spanning seven basement levels and 24 above-ground floors, will be built.
The key goal of the plan is to balance public value with the creation of a green, eco-friendly downtown. The city plans to introduce a large open green space and secure continuity with Dadong Neighborhood Park to strengthen the downtown pedestrian and green network. In particular, it will create a new "town management plaza" linked to the open green space, expanding areas where citizens can rest.
The use of the space will also be significantly diversified. Venture business facilities will be placed on the fifth floor above ground to create a hub for organic collaboration between large companies and startups, while an art museum will be built on the first basement floor to expand the limited cultural and artistic exhibition space in the area.
Kim Chang-gyu, head of Seoul's Urban Space Headquarters, said, "With this decision, the aging buildings between Seoul Metropolitan Government and Cheonggyecheon Stream will be transformed into a new complex where office space, culture and the arts, and green areas come together." He added, "We expect it to be reborn as a refined space worthy of the downtown area's status."
[email protected] Jeon Min-kyung Reporter