The aim of the project was to restore a decrepit public space to create a waterfront in the downtown, improve the environment and restore the historical value. Such an attempt would revitalize the city by attracting more population and more business activities, which would eventually enhance growth momentum and attract more private investment. At the same time, the discussions included the measure through which the private and public sectors could share the benefit, while achieving urban revitalization led by the private sector. Along with setting the long-term goal, determining specific project boundary was another challenge. While Cheonggyecheon itself was a public place, the surrounding area was privately held properties. To include the private properties in the project would not only cause the project budget to snowball, but cost enormous time to deal with administrative matters such as revision of urban plans and compensation. Therefore, the Seoul municipality decided that the restoration work itself would exclusively cover the public land within Cheonggyero to ensure the feasibility of the project. In this approach, the public and private sectors had to take their respective role in turn. Firstly, the city government was to demolish the coverage and the elevated highway, create an eco-friendly waterfront and restore the historical value of the stream through public investment. The ripple effect of restoration would help revitalization of the downtown and the neighboring area, which will be conducted in partnership with the private sector in a way that both public and private sectors could benefit.
To see more: seoulsolution.kr/en/content/seoul-urban-regeneration-cheonggyecheon-restoration-and-downtown-revitalization