Korean government to inject KRW 41 billion into redevelopment project by 2025 now that plan has passed MoLIT’s feasibility study
The redevelopment of the Daegu Dyeing Industrial Complex, which was selected as a redevelopment zone under the government’s project to revitalize deteriorated industrial complexes in July 2015, is expected to gain momentum with the establishment of a redevelopment plan and the plan’s passing of a feasibility study conducted by MoLIT.
Daegu Dyeing Industrial Complex on a Map Photo of the Daegu Dyeing Industrial Complex
m The Daegu Dyeing Industrial Complex was established in 1981 to increase specialization and cooperation in the dyeing and textile finishing industries and is currently home to 126 businesses in an area spanning 846,000 square meters. The deterioration of the complex’s basic facilities, including its roads, and the lack of parking space and support facilities have aggravated the conditions for resident businesses of the industrial complex and ultimately weakened the competitiveness of Daegu’s dyeing industry.
m To resolve this problem and restore the competitiveness of the industrial complex, Daegu Metropolitan City outsourced the drafting of a redevelopment plan for the Daegu Dyeing Industrial Complex and finalized the plan in November 2017, after conducting a survey on the direction the plan should take and consulting with the Redevelopment Promotion Council, which is comprised of resident businesses leaders and experts.
◈Summary of projects requested by businesses
① New parking lots (86.1%), ②road repair and maintenance (38.0%), ③ environment-related facilities (27.7%),④ parks/green facilities (13.1%), ⑤facilities to increase the convenience of workers (11.0%), etc.
- The redevelopment plan includes the repair of basic facilities, involving improvements to the parking environment and expansion of Bisangyo Bridge (installation of additional lane for cars turning right toward West Daegu KTX Station), and installation of various facilities to improve the conditions for the employees of resident businesses, such as streetlamps and benches.
m The revitalization plan passed the feasibility study conducted by the Ministry of Land, Industry and Transport (MoLIT) in January 2018, and the project is expected to be completed by 2025 with a total budget of around KRW 41 billion.
m Daegu Metropolitan City plans to host a meeting of the Redevelopment Promotion Council on February 12 and explain the details of the plan that has been negotiated with MoLIT to resident business leaders and experts in various fields.
m According to the procedures stipulated in related laws, the designation and announcement of the revitalization zone for the first half of this year will be determined by the deliberation of the Urban Planning Committee and Industrial Site Deliberation Council, and the development of the detailed Redevelopment Implementation Plan will get underway in July.
m Director Kim Gyu-cheol of the Industrial Complex Redevelopment Division of Daegu Metropolitan City commented, “The redevelopment of the Daegu Dyeing Industrial Complex is now on track with the plan’s passing of MoLIT’s feasibility study and completion of project budget negotiations. The redevelopment project will repair the basic facilities of the complex in order to create an environment in which resident businesses can operate more efficiently and improve the conditions for workers, thus allowing the complex to attract more businesses and create jobs.”