Mayor Oh Se-hoon resurrects plan to redevelop Yongsan train yards
Empty land in Yongsan District will be transformed into an international business district that could become an Asian Silicon Valley, the Seoul city government said.
Mayor Oh Se-hoon unveiled a blueprint for development in the heart of Seoul on Tuesday, painting a picture of international business, residential and cultural complexes.
“I will maximize Yongsan District’s infinite potential and promote development that fits the future environment before it becomes too late,” Oh said in a press conference.
A former train maintenance depot site of about 500,000 square meters — twice the size of Yeouido Park — has been abandoned for the past decade after a private urban development project collapsed in 2013.
Seoul wants to transform it into the Yongsan International Business District.
The city government said it will be Seoul's first zone with minimum height regulations, possibly allowing the construction of towers higher than the 123-story Lotte World Tower.
Currently, buildings can't exceed a floor-area ratio of 1,500 percent.
“Hudson Yards in New York allows up to 3,300 percent and has an average floor-area ratio of 1,800 percent or more,” Oh explained.
In the proposed international business district, 70 percent of the real estate will be used for non-residential purposes and 30 percent for residential purposes.
More than half of the area will be green parks.
Major roads such as Gangbyeonbuk-ro, Hangang-daero, and Cheongpa-ro will be connected underground.
From 2025, Seoul City plans to operate an urban air mobility (UAM) service on the route from Gimpo Airport to Yongsan International Business District. It will be possible to get off a plane at Incheon or Gimpo Airport, arrive at Yongsan by UAM, and transfer to a GTX bullet train or the subway.
The Seoul Metropolitan Government plans to start constructing infrastructure in 2024 with the aim of completing parts in 2027.
BY SEO JI-EUN [email@example.com]