Efficient use of idle rail land and regional revitalization — private developers invited to bring creative plans suited to each transit-oriented site
Korea National Railway is inviting private developers to submit creative proposals for idle land near Centum Station and Geoje Station on the Donghae Nambu Line.
The agency announced Monday it will hold an open call for private proposals to promote the efficient use of idle railway land near the two stations and to spur local revitalization.
The two sites up for development are a roughly 6,590-square-meter plot at 645-12 Jaesong-dong, Haeundae-gu, Busan, near Centum Station, and a roughly 7,488-square-meter plot at 469-12 Geoje-dong, Yeonje-gu, Busan, near Geoje Station. Korea National Railway said it plans to explore a range of development concepts that draw on each site's location and surrounding conditions.
The Centum Station site is expected to benefit from planned nearby developments, including construction of a new Haeundae-gu district office and renovation of aging residential areas. Those projects are anticipated to drive increased foot traffic and open up diverse development possibilities.
The Geoje Station site sits adjacent to a legal district, giving it an active commercial environment and high parking demand. Korea National Railway said development focused on dedicated parking facilities could help address the area's parking shortage.
Particularly notable in this round is the flexibility offered to private bidders: developers may propose combining or separating the two sites based on market conditions and each plot's characteristics. For the Centum Station site, proposals may also treat the under-track land and the above-ground idle land as separate development units, broadening the range of business models available to private applicants.
The submission period runs from Monday through Nov. 12, and full details are available on the Korea National Railway website.
"We have set up broad conditions for the open call so that private developers can propose a wide variety of business models, and we look forward to uncovering truly creative development plans," Korea National Railway Chairman Jeong Jin-hyeong said. "We will actively support efforts to raise the value of the idle railway land near Centum and Geoje stations and turn them into vibrant new spaces for the community."
kwonhl@heraldcorp.com
