Seodaemun District Approves Association Formation for Bukahyeon 4 District...Set to Become a 30-Story Complex With 359 Households

[Financial News] Seoul’s Seodaemun District redevelopment project in Bukahyeon 4 District received approval to establish its association 1 year and 4 months after the area was designated a redevelopment promotion district. As a result, residential buildings of up to 30 stories, with a total of 359 households, are planned for the aging residential area near Ahyeon Station on Seoul Subway Line 2.
According to Seodaemun District on the 13th, it approved the establishment of an association on the 12th for the urban renewal-type redevelopment project in the Bukahyeon 4 Redevelopment Promotion District, covering the area around 221-7 Bukahyeon-dong.
Bukahyeon 4 District covers 7,298.5 square meters, and about 86% of its buildings are old or substandard. Under the redevelopment plan, the site, which is zoned as a quasi-residential area, will be developed with residential buildings of up to 30 stories and neighborhood living facilities. The total number of units to be supplied, including long-term jeonse housing, is 359.
Bukahyeon 4 District was designated a redevelopment promotion district in July last year and received approval to form a committee to promote the establishment of an association in March this year. Following the association’s inaugural meeting in September, it completed the association establishment approval this month.
With the association establishment approval, Bukahyeon 4 District will begin preparations for an integrated review for approval of its project implementation plan. The redevelopment project is expected to proceed after the relevant procedures, including approval of the project implementation plan and the management and disposal plan.
Seodaemun District Mayor Park Woon-ki said, “Since redevelopment projects involve a long wait for residents, it is important for the administration to reduce unnecessary delays. I will listen directly to the difficulties on the ground and carefully handle the necessary administrative procedures so the project can proceed smoothly.”

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