Koramco REITs Management and Trust said on the 9th it will participate as a developer in the Government Complex Gwacheon Station District 1 urban complex development project.
The project site covers 12,415 square meters in Byeolyang-dong, Gwacheon, Gyeonggi, and is adjacent to Government Complex Gwacheon Station on Subway Line 4.
According to the plan, a mixed-use complex with about 590 apartment households and commercial facilities will be built with six basement levels and 40 above-ground floors. The total floor area is about 156,300 square meters.
This area is the core commercial district of old downtown Gwacheon, but redevelopment was difficult due to aging buildings and complicated property rights.
Lee Chung-seong, CEO of Koramco REITs Management and Trust, said, "Government Complex Gwacheon Station District 1 is a symbolic location where the functions of old downtown Gwacheon can be newly reorganized," and added, "We will create a mixed-use development model that balances residential and commercial functions while protecting the rights and interests of land and other owners."