Altogether, ‘Approximately 150,000 square meters of logistics land near Kwangwoon University Station is undergoing a transformation into an economic hub that will create jobs in the northeastern region through a mixed development of office, commercial, and residential spaces. Particularly, HDC Hyundai Development Company, located in Yongsan, will relocate its headquarters to this site.’,
On the 22nd, the Seoul Metropolitan Government announced that they will sign a ‘Business Agreement for the Development of Kwangwoon University Station Logistics Land as a New Life and Local Economic Hub in the Northeastern Region’ with Nohwon District, HDC Hyundai Development, and it will serve as a signal for the large-scale redevelopment in the Gangbuk area. Mayor Oh Se-hoon unveiled the ‘Gangbuk Area Development’ project in March, aiming to transform large unused areas in Gangbuk into advanced industries and job creation hubs, opening a new era for the region.
The logistics land near Kwangwoon University Station (located in No-won District, parcel number 85-7) used to play a crucial role in handling goods and driving the local economy in the northeastern region. However, due to aging facilities and issues such as dust and noise, it deteriorated into a neglected facility.
Therefore, since 2009, the Seoul Metropolitan Government has been promoting redevelopment through pre-negotiations. After numerous discussions and agreements, they announced the zoning plan for the development of a mixed-use facility incorporating office, commercial, and residential spaces reaching up to 49 stories high last September.
The development on the logistics land near Kwangwoon University Station will include commercial and office spaces (19,675 square meters), as well as residential areas, public dormitories, and living SOC facilities to ensure self-sufficiency, infrastructure improvement, and the creation of open spaces.
The Seoul Metropolitan Government plans to start the actual project execution for the commercial and office site based on this initial business agreement to turn it into a new economic center, focusing on job creation and transforming it into a new economic hub.
**HDC Hyundai Development aims to actively advance the relocation of its headquarters by 2028 through this agreement. They also plan to actively pursue the ownership and operation of parts of the development project, in addition to faithfully carrying out the public contributions plan. Seoul Metropolitan Government and Nohwon District will cooperate actively to follow administrative procedures and provide support for smooth project execution.
HDC Hyundai Development plans to directly own some of the commercial facilities and manage and operate them continuously, with the determination to actively lead the revitalization of the local economy in Gangbuk. They aim to complete the relocation of over 1,800 employees in HDC Hyundai Development’s headquarters by 2028. Currently, the headquarters is located in Yongsan Station on Seoul Subway Line 1. Seoul Metropolitan Government stated that the relocation of HDC Hyundai Development’s headquarters will not only contribute to the activation of the weak economy in Gangbuk but also accelerate accessibility improvements and infrastructure maintenance to attract new industries with high employment rates.
Expectations are high for regional activation through improved infrastructure and the creation of a north-south axis public walking road. Kwangwoon University Station is anticipating the opening of the Suwon-Gimpo Airport-C line in 2028 and the completion of the Wanggye Overpass to resolve regional disconnection due to railway facilities. Efforts are being made to maximize metropolitan accessibility and efficiency through new east-west connecting roads and underground roads for the Dongbu Expressway.
The complex site comprising commercial and residential facilities within the logistics land at Kwangwoon University Station (77,722 square meters) will consist of eight residential buildings with four underground floors and 49 above-ground floors, providing 3,072 housing units. After completing architectural reviews in April, the project aims to proceed with sales in the second half of the year. HDC Hyundai Development is also preparing for architectural reviews and public design competitions for the commercial and public land where the headquarters will be relocated (19,675 square meters of commercial land and 19,916 square meters of public land).
Mayor Oh Se-hoon stated, “Through the relocation of HDC Hyundai Development’s headquarters and the establishment of a new life and local economic hub at Kwangwoon University Logistics Land, we will transform the long-neglected Gangbuk area from a welfare town into a job-centered new economic city.” He added, “This agreement will be a signal to bring out the potential of Gangbuk.”