Yeongdeungpo market area to get 1,177-unit mixed-use complex; 20-story office building planned near Seoul Station

Aging neighborhoods around the Yeongdeungpo traditional market and Seoul Station Plaza have cleared a key regulatory hurdle. The Yeongdeungpo market area will be redeveloped into a 1,177-unit mixed-use complex, while Namdaemun-ro 5-ga Zone 1 will receive a 20-story office building.

The Seoul Metropolitan Government said Friday it held its 14th Integrated Deliberation Committee for Improvement Projects on Thursday and conditionally approved two urban redevelopment plans: the Yeongdeungpo Revitalization Promotion District Zone 1-12 project and the Namdaemun-ro 5-ga Zone 1 urban improvement redevelopment project covering the area around 84-1 Namdaemun-ro 5-ga, Jung-gu.

Zone 1-12 covers a deteriorated area around the Yeongdeungpo traditional market. With the approval, the site will be redeveloped into a 49-story mixed-use complex. The project will supply a total of 1,177 units, of which 235 will be public housing units integrated with privately sold units.

The project site spans 31,215 square meters around 22-3 Yeongdeungpo-dong 5-ga, Yeongdeungpo-gu. The building plan calls for a building-to-land ratio of 38.30 percent, a floor area ratio of 749.99 percent, a total floor area of 261,387 square meters, and a height of 187.85 meters.

A public pedestrian walkway connecting the complex to surrounding areas will be built within the development. Along the walkway, a shared childcare center, a daycare facility and a community courtyard will be provided for use by both residents and the broader neighborhood.

A cultural park will also be created to address the area's shortage of green space and open areas. Beneath the park, public rental shops will be set up for existing Yeongdeungpo market vendors and commercial tenants within the project site. A public parking lot for shoppers and residents will also be provided. During the deliberation, the committee called for better pedestrian connectivity to green spaces.

The Namdaemun-ro 5-ga Zone 1 project targets a cluster of aging commercial and office buildings around Seoul Station Plaza. The 820.5-square-meter site at 84-1 Namdaemun-ro 5-ga, Jung-gu, sits between Grand Central and the Yonsei Severance building. Despite its proximity to Seoul Station — a major transportation hub — the area has long been dominated by low-rise, deteriorated structures that have raised concerns about safety hazards and urban blight.

The Seoul Metropolitan Government designated the area as a planned improvement zone in 2016, cleared a city planning committee review in December 2024, and finalized the improvement plan in May last year.

The integrated deliberation plan reflects revisions made in January to the 2030 Seoul Metropolitan City Housing and Residential Environment Improvement Master Plan. It includes not only the replacement of aging water and sewage pipes along the improvement zone but also the upgrading of about 60 meters of deteriorated pipes outside the zone boundary, combining urban infrastructure improvements with flood prevention and other safety measures.

Once completed, the Namdaemun-ro 5-ga Zone 1 site will feature a 20-story office building. The building plan calls for a building-to-land ratio of 46.21 percent, a floor area ratio of 840.44 percent, a total floor area of 8,453.67 square meters, and a height of 82.2 meters.

The stretch of Sejong-daero between Seoul Station and Sungnyemun is already dense with office buildings. The Seoul Metropolitan Government said it expects the project to generate synergies with the broader push to strengthen the office function of the Seoul Station area, as nearby improvement projects — including Bongnae Zone 3 and Yangdong Zones 8-1 and 6 — are also being developed around office use.

Myeong No-jun, head of the Seoul Metropolitan Government's housing bureau, said of the Zone 1-12 project: "With this approval, the Yeongdeungpo traditional market area will be reborn as a residential neighborhood supporting the city center, dramatically improving living conditions. We will continue to push forward improvement projects in neglected downtown areas to deliver quality housing quickly."