944-unit residential and commercial complex planned, with public sports facilities added
Redevelopment of deteriorating steel market set to accelerate transit-oriented development around Seoksu Station, reshaping Seoul's southwestern gateway
The Jungang Steel Market in Siheung 3-dong, Geumcheon-gu, Seoul, is set to be transformed into a mixed-use residential and commercial complex rising up to 43 stories and housing 944 units.
The redevelopment plan cleared a Seoul Metropolitan Government review, adding momentum to broader efforts to improve the urban environment around Seoksu Station and advance transit-oriented development in the area.
Geumcheon-gu said the Seoul Metropolitan Government's Joint Committee on Market Redevelopment Projects approved — with modifications — the redevelopment plan and landscape review for the Jungang Steel Market site in Siheung 3-dong (lot 966-2) at a meeting held Oct. 30.
Built in the 1980s, the Jungang Steel Market is now roughly 40 years old. Dust and noise from steel processing and distribution have long degraded living conditions in surrounding residential areas, and concerns about safety hazards — including fire and structural collapse — have been consistently raised.
With the review cleared, the project to demolish the aging market and redevelop the site as a mixed residential and commercial space has entered its full implementation phase.
Under the plan, a mixed-use building of up to 43 stories and 944 units will be constructed on the site. Large-scale retail outlets and neighborhood convenience facilities will also be included, with the aim of creating a transit-oriented complex that serves residential, commercial and everyday lifestyle needs.
The district plans to secure public sports facilities through public contributions, addressing a shortage of community infrastructure in the area. Landscape and spatial planning that accounts for the natural surroundings — including Hoamsan — and development plans for adjacent areas have also been incorporated.
The site sits along Siheungdaero and is served by two transit lines, placing it at the gateway to southwestern Seoul. If the Jungang Steel Market redevelopment proceeds in tandem with surrounding projects, it is expected to improve residential conditions, revitalize local commerce and reshape the area's urban fabric.
The review is part of the approval process for a market redevelopment project under the Special Act on the Promotion of Traditional Markets and Shopping Districts. Once formal approval is announced, the area will be designated as a redevelopment zone.
Geumcheon-gu District Mayor Choi Ki-chan said he expects the project to serve as a catalyst for new growth and revitalization around Seoksu Station. "We will do our utmost to ensure the project moves forward swiftly and stably so that it can generate synergies with surrounding development initiatives," Choi said.
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