Pyeongtaek Shinjiang Shopping Mall Area Selected as Final Recipient of Ministry of Land, Infrastructure and Transport 'Urban Regeneration New Deal Project'

[Suwon Ilbo=Seo Dong-young Reporter] Pyeongtaek City announced on the 10th that the 'Shinjiang Shopping Mall Surrounding Area New Deal Project' was selected as a final recipient in the Ministry of Land, Infrastructure and Transport-led 'Second Half of 2019 Urban Regeneration New Deal Project' competition.

The project was selected after four attempts, securing 13.3 billion won in project funding. The city plans to invest a total of 18.4 billion won—adding its own budget of 5.1 billion won—to implement urban regeneration projects over four years from next year through 2023.

The Shinjiang Shopping Mall area, where the U.S. Air Force's Osan Air Base (K-55) is located, features exotic shops, international restaurants, and handmade clothing boutiques. However, continuous population decline and economic, social, and cultural deterioration made urban regeneration necessary.

Through the Shinjiang area New Deal project, the city plans to pursue ▲creating a multinational, multicultural, and multi-class cultural hub utilizing the deteriorated Shinjiang No. 1 Public Parking Lot ▲branding of handmade clothing as a regional specialized asset ▲establishing handmade clothing coworking spaces ▲revitalizing the International Central Market ▲creating cooperative business complexes to address store vacancies and closures.

Pyeongtaek Mayor Jung Jang-seon said, "While the selection as a New Deal project is meaningful, mobilizing the strength of local residents is more important. I look forward to seeing new vitality emerge in the Shinjiang-dong area."