Myeonmok Station area to get up to 40-story, 2,195-unit complex...Approval granted to form a committee to promote establishment of a redevelopment association

[Financial News] A residential complex of up to 40 stories and 2,195 units will be built around Myeonmok Station in Jungnang-gu, Seoul.
Jungnang-gu said on the 29th that it had approved the formation of a committee to promote the establishment of a redevelopment association for the Myeonmok Station Area Urban Renewal-Type Private Redevelopment Project, covering the area around 542-7 Myeonmok-dong, on the 26th.
The Myeonmok Station Area Urban Renewal-Type Private Redevelopment Project will create a residential complex of up to 40 stories above ground and 2,195 units in total in the area around 542-7 Myeonmok-dong.
The existing zoning, a mix of Class 2 and Class 3 General Residential Areas, will be upgraded to a Quasi-Residential Area, allowing the site to be developed as a residential complex combining housing with commercial and everyday convenience functions. A Quasi-Residential Area is a zoning category that can accommodate a broader range of commercial and business functions than a General Residential Area.
Green space and pedestrian areas will also be expanded. A park of about 6,600 square meters will be integrated near Myeonmok Station and Myeondong Elementary School, and plans call for a view corridor connected to the existing road network.
The approval follows procedural improvements under the Act on the Improvement of Urban Areas and Residential Environments, revised in June last year, which allow a committee to be formed before a redevelopment district is designated.
The project went through verification of the committee-formation consent forms and assignment of serial numbers in late April, and an application for approval was submitted in early September. The committee secured the consent of about 68% of landowners and other rights holders, meeting the legal requirement of a majority.
Jungnang-gu Mayor Ryu Gyeong-gi said, "The Myeonmok Station area redevelopment project has taken another step forward amid strong interest and participation from residents," adding, "We will spare no administrative support at the district level to ensure that the redevelopment project, a long-held wish of residents, proceeds without a hitch."

[email protected] Choi A-young Reporter