The Seoul Metropolitan Government said on the 28th it will introduce the Growth Potential Zone Activation Project to steer development in non-station areas that have strong growth potential thanks to convenient public transportation and heavy foot traffic.
Eligible sites must face a major arterial road at least 35 meters wide and have an area of at least 1,500 square meters. Projects using a district unit plan are limited to 5,000 square meters or less, and urban renewal-type redevelopment projects are capped at 10,000 square meters.
The city plans to upgrade zoning in Class 2 and Class 3 general residential or quasi-residential areas to encourage mixed-use development that combines office, commercial, and residential functions.
As a rule, 50% of the additional floor area ratio gained from the zoning change must be provided as a public contribution. However, to promote balanced development among districts, districts where the average officially assessed land price of standard lots is 60% or less of the citywide average will have the public contribution ratio eased to 30%.
Next month, the city will solicit and receive recommendations for potential pilot project candidates from each district office and then select the target sites.
Ahn Dae-hee, head of the Urban Space Headquarters at the Seoul Metropolitan Government, said, "Introducing this Growth Potential Zone Activation Project will rediscover the value of non-station arterial corridors and serve as an opportunity to remake them into new hubs of vitality for Seoul," adding, "We will push bold mixed-use development suited to regional balance and guide balanced urban growth to raise the citywide urban competitiveness of Seoul by one notch."