Banpo Mido 2nd, regarded as the last large-scale redevelopment site in Banpo-dong, Seocho District, Seoul, is accelerating its push as final approval to designate it as a redevelopment zone nears.
According to the redevelopment industry on the 13th, the Banpo Mido 2nd Reconstruction Preparation Committee (Preparation Committee) will begin collecting consent forms from owners on the 14th to form the "reconstruction association establishment promotion committee" (Promotion Committee), the step immediately before establishing an association.
In particular, to expedite decision-making, an electronic voting method through the redevelopment platform "Eolmazip" application (app) will be introduced during this consent collection process. Song Gyeong-su, an official with the Banpo Mido 2nd Preparation Committee, said, "We are operating a group chat with 333 registered owners who have completed title verification, accounting for more than about 76% of the total (435)," and noted, "With electronic voting being introduced, we expect to secure the statutory consent rate (more than 50%) needed to form the Promotion Committee in a short period."
The government implemented an amendment to the Urban and Residential Environment Improvement Act last year to enable reconstruction projects to proceed quickly and efficiently. As a result, a reconstruction association establishment promotion committee can now be formed even before the redevelopment zone designation is officially announced.
The Preparation Committee, which precedes the Promotion Committee, lacks legal authority, making it difficult to push reconstruction in practical terms. However, once the legally approved Promotion Committee is formed, related expense such as reconstruction assessments can be executed as official project costs. To form the Promotion Committee, consent from a majority of land and other owners is required. To establish the association, consent from at least 70% of land and other owners is required.
When collecting consents to form the Promotion Committee, the Banpo Mido 2nd Preparation Committee aims to secure consent from at least 75% of land and other owners to exceed the threshold needed for association establishment later.
Through this vote, the Preparation Committee plans to elect 63 promotion members and finalize the Promotion Committee's operating rules. Once the consent collection is complete, it plans to request approval for the Promotion Committee from Seocho District.
Completed in 1989, Banpo Mido 2nd currently consists of three buildings with a maximum of 15 floors and a total of 435 households. Through reconstruction, it is expected to be transformed into an apartment complex with four buildings, up to 46 floors, and a total of 558 households. With nearby Banpo Mido 1st accelerating toward selecting a builder in the first half of this year, if Mido 2nd joins in, the reconstruction landscape across Banpo-dong is expected to take shape.
An industry official said, "The Banpo Mido 1st and 2nd apartments face Express Bus Terminal Station on Seoul Subway Lines 3, 7, and 9, and are adjacent to Seoripul Park and Mido Mountain, making them standout reconstruction complexes in Banpo for both transit and green space access," and analyzed, "Because most association members are strongly committed to reconstruction, the project is likely to proceed quickly, including forming the Promotion Committee and establishing the reconstruction association."