Ninety-nine sites for this year’s “New Deal” urban regeneration project were newly selected including Taeback, Gangwon Province. Only seven small-sized sites were included, but large ones were excluded due to concerns over an overheated housing market in Seoul.
The 13th Special Committee on Urban Regeneration, presided over by South Korean Prime Minister Lee Nak-yeon, adopted a selection of 99 project sites on Friday. The prime minister called upon the facilitation of the urban regeneration project even with a streamlined administrative process. The current administration puts special focus on the “New Deal” urban regeneration project. It is carried out on five different levels of neighborhoods, assisted residences, general-type communities, urban city areas, and economy-based types. Around 500 old and shabby residential and urban areas will be improved with an investment of 50 trillion won for five years.
The Mine Reclamation Corporation, the Korea District Heating Corporation, and the Coal Authority plan to turn abandoned mines in Taebaek, Gangwon Province into mining theme parks and smart farms to build an eco-friendly renewable energy system. Their aim is to build a Korean version of Zollverein in Taeback, a German mine renovated as a large-scale complex for culture and arts through an urban regeneration plan.