Gwangju City confirms 54.4% public contribution ratio for Jeonbang and Ilshin Textile sites

Part of the proposal for The Hyundai Gwangju, a cultural complex mall proposed by Hyundai Department Store to Gwangju City. Screenshot from Gwangju City website

Regarding the development of the former Jeonbang and Ilshin Textile sites, which are Gwangju’s modern industrial heritage, the public contribution ratio of business operators was decided at 54.4%. In the meantime, Gwangju City claimed 60% of the increase in land prices, and the business operator claimed 40%, so the discussions were prolonged, but negotiations were concluded through adjustments. On the 29th, Gwangju City held the 11th meeting of the ‘Jeonbang-Ilshin Textile Factory Site Urban Plan Change Pre-Negotiation Coordination Council’ in the conference room on the 3rd floor of LH Gwangju-Jeonnam Regional Headquarters and decided the total public contribution to the Jeonbang-Ilshin Textile Factory Site at KRW 589.9 billion. He said he did. In calculating the amount of public contribution, in accordance with the ‘Gwangju City Urban Planning Change Pre-Negotiation Operation Guidelines’, the local government relaxes regulations such as change of use and receives 40-60% of the increase in land value as public facilities, etc. Accordingly, the Negotiation and Coordination Council calculated the amount of public contribution due to changes in the urban plan of the Jeonjeon and Ilshin Textile sites by differentiating them for each facility. 40-45% of the increase in land value was applied to strategic facilities, 60% to facilities that ensure business feasibility, and 40% to infrastructure facilities. An official from the city’s urban planning department said, “In terms of public contribution, the public contribution ratio will be lowered for areas requested by the city, such as hotels (49 floors) and complex shopping malls (The Hyundai Gwangju), but public contribution will be made for apartment complexes (4,186 households) with expected profits. “We calculated the average value by applying it differentially by increasing the ratio,” he said.

Jeonjeon and Ilshin Textiles modern industrial heritage in Im-dong, Buk-gu, Gwangju.  Hankyoreh file photo

Jeonjeon and Ilshin Textiles modern industrial heritage in Im-dong, Buk-gu, Gwangju. Hankyoreh file photo

With the public contribution negotiations concluded today, Gwangju City plans to complete preliminary negotiations on changes to the city plan by next month after consultation with the Joint (Urban Planning and Architecture) Committee. In addition, we plan to announce a district-level plan that reflects the results of preliminary negotiations, consultations with related organizations, and residents’ opinions by June next year. In this process, Hyundai Department Store Group and the site developer are expected to conclude discussions on the purchase and sale of the complex shopping mall site. Accordingly, a ‘development frenzy’ is expected to occur in the area around Im-dong, Buk-gu, with the construction of a luxury hotel, a large-scale residential-commercial apartment complex, and a cultural complex mall. Previously, real estate developer Humans Holdings submitted a city plan change negotiation proposal in November last year, requesting that the Jeonjeon and Ilshin Textile factory site (310,000 m2, 93,775 pyeong) in Imdong be changed from an industrial site to a residential/commercial site, and negotiations ended. It has begun. According to the proposal, a 45-story (195m) luxury hotel will be built on the factory site, and a 49-story apartment complex will be built. Hyundai Department Store Group submitted a proposal to build ‘The Hyundai Gwangju’ with an area of ​​3,060 m2 (10,000 pyeong). Accordingly, civic groups in the Gwangju area have argued that “modern industrial heritage, including four thermal power plants, boiler rooms 1 and 2, and elevated water tanks built in the 1930s before liberation, should be preserved.” The Kumho World Shopping Mall Association and the Gwangju Merchant Countermeasures Committee for the shopping mall complex have urged, “Conduct a commercial impact assessment to analyze the impact of opening a large-scale store in the area on the surrounding commercial districts.” Reporter Jeong Dae-ha [email protected]

2023-11-29 09:44:58
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