Shinheung Market, located in Haebangchon, Yongsan-gu, Seoul, which was the center of the knitwear industry in the 1970s, will be transformed into an art street for textile workers and young business owners. The characterization of the area will be promoted using the art workshops of Haebangchon, revitalized by young businesspeople. An art market where residents’ life and art coexist will also be created by improving the general environment of Shinheung Market.
 

Haebangchon (Yongsan 2 ga-dong area, Yongsan-gu; 332,000㎡) is one of the targeted urban revitalization areas of Seoul, and the “Revitalization of Shinheung Market” was a project selected at the public briefing session for residents held in December 2015. The urban revitalization areas of Seoul receive public support of a maximum of 10 billion won for local competence reinforcement projects, expansion of anchor facilities, and others during a period of four to five years.
 

The Seoul Metropolitan Government (SMG) plans to improve the environment of Shinheung Market by the beginning of next year by investing a budget of one billion won. The old slate roofs, which were mainly responsible for the dull and dark mood of the market, will be removed to transform Shinheung Market into a market with a view of the sky. Also, the roads will be paved, drainage will be repaired, event and rest areas will be created, and design signs, lighting, and CCTV will be installed.
 

In addition to efforts for environmental improvement, various ideas are being discussed for revitalizing Shinheung Market with the active participation of the Residents Association of Haebangchon Urban Regeneration, a local resident organization. The market spaces will be rented to young artists, designers, workers of knitwear industry, and others at a low price, and they will participate in planning and running a market revitalization program through talent donation and others. The SMG will ensure that they are not driven out after having revitalized the area by controlling the increase of rent for more than five years, instead of supporting a maximum of 30 million won to building owners for remodeling of their building.
 

In July 25, 2016, Mayor Park Won-soon opened the Mayor’s office in Haebangchon to gather residents’ opinions on the urban regeneration plan for Haebangchon that will be established at the end of this year, and discussed detailed support measures for resolving pending issues of the area. Mayor Park Won-soon said, “Shinheung Market, developed in the early 1960s in Haebangchon, a shantytown area, was home to ordinary citizens holding a memory of nearly 50 years.” He added, “Haebangchon has recently become a popular area among young people; however, worn-out low-rise residential areas and Shinheung Market are problems that need to be solved. I will take this opportunity to listen to the various opinions of Haebangchon residents, and carry out the urban regeneration project based on those voices.”