Attention is focused on whether the complex Gudeok Stadium development project, including the construction of a dedicated soccer stadium, the long-awaited dream of the Busan sports community, will begin. With President Yoon Seok-yeol promising to actively support the project, it is expected that the project will accelerate if the project site is selected as an ‘urban regeneration innovation area’. The complex development plan of Busan’s Gudeok Stadium is also expected. Provided by Busan City Busan City signed a business agreement with Housing and Urban Guarantee Corporation (HUG) at City Hall on the 29th for the development of a mixed-use sports complex. According to the agreement, the city will be responsible for various planning, investment and administrative tasks for the implementation of development projects, and HUG will strive to prepare a financial structure, including ways to use money.
This agreement was set up for full-scale development as the Gudeok Stadium complex development project site was selected as a candidate site for the Ministry of Land, Infrastructure and Transport’s urban regeneration innovation area in December last year.
Mayor Park Hyeong-jun promised to build a soccer-specific stadium on the Gudeok Stadium site in July 2021 at the ’15 Minute City Vision Tour’ event, and the city has promoted a project to develop the entire Gudeok Stadium area through a private plan. proposal project starting in 2022. . However, it faced difficulties due to interest rate rises, rising raw material prices, and a downturn in the construction market.
Accordingly, the city changed its direction to the HUG Housing and Urban Fund loan project and the Ministry of Land, Infrastructure and Transport’s urban regeneration innovation area competition project, and was selected as a candidate site for the urban regeneration innovation area in October last year. If it is finally designated as an urban regeneration innovation area in the first half of this year, the city will secure up to 25 billion won in national funds and 25 billion won in city funds.
The city will spend a total project cost of KRW 815.2 billion on a 71,577㎡ site around Gudeok Stadium to build sports facilities, including a football stadium, cultural facilities, commercial facilities, and residential facilities. The plan is to reduce the financial burden by providing an investment in goods (land) equal to the cost of the project and the acquisition of facilities such as a football stadium and cultural and sports facilities after the project is completed.
The city plan got a boost as the president promised support. In a public livelihood debate held in Busan on the 13th, President Yoon said, “The central government will support the redevelopment of Gudeok Stadium to make it a vanguard for the development of the sports culture industry not only in Busan but also in Korea.”
The city plans to establish a development project plan after holding public hearings with residents and gathering the views of the local council, receive approval for the implementation plan in December, and begin construction next year. Mayor Park said, “We will inject new vitality into the Gudeok Stadium redevelopment project so that it can become the center of the original city’s urban regeneration in the future.”
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