The Ministry of Land, Infrastructure and Transport announced on the 12th that it will hold a competition for new urban regeneration innovation districts starting on the 13th to respond to the local extinction crisis and restore the functions and vitality of declining old downtown areas.
Urban regeneration innovation districts are a type of urban regeneration project aimed at strengthening the local capacity and enhancing the vitality of cities that have declined due to population decrease and aging residential environments. It is characterized by the creation of regional key facilities that integrate various functions such as industry, commerce, housing, and welfare, with the goal of achieving economic ripple effects.
Since the制度 was introduced in 2019, a total of 14 locations have been designated as urban regeneration innovation districts. At the end of last year, the 'Goyang Seongsa Urban Regeneration Innovation District' was completed for the first time, and the occupancy of apartment buildings and operation of commercial facilities are successfully taking place.
This innovation district competition will run until May 16. It will involve a thorough evaluation process over approximately two months, including document review, on-site inspections, and expert consultations, to select up to three locations with high potential for project implementation and significant ripple effects on surrounding areas.
In cases where a district is selected in the innovation district competition and designated by the Minister, it is possible to utilize up to 25 billion won in state funding for the maintenance of large-scale public facilities such as infrastructure and social overhead capital (SOC). Furthermore, by easing building regulations within the district, key facilities can also be rapidly established.
Additionally, it plans to select candidates for the innovation district map competition so that local governments can systematically formulate project plans through consulting with the Ministry of Land, Infrastructure and Transport and the Urban Regeneration Support Organization (HUG) from the planning stage of the innovation district project.
The Ministry of Land, Infrastructure and Transport also plans to hold a project briefing session for local governments on the 20th.
Kim Jeong-hwa, head of the Urban Regeneration Division at the Ministry of Land, Infrastructure and Transport, noted, "The urban regeneration innovation district projects are important for quickly and efficiently promoting projects to generate results rapidly," and added, "To achieve this, it is necessary to establish project plans with high feasibility and validity, as well as to fully reflect the opinions of residents to secure project momentum."