Golden Print [EN]: Chapter 202

The plan to put the Gangbyeonbuk-ro highway next to the Ichon district underground was a good idea. If it worked, no other place could create as much good from different angles.

Woojin didn’t like it because he thought it wasn’t ‘possible’ to do.

Woojin was sure that the plan to put the part of the Gangbyeonbuk-ro highway between the Wonhyo Bridge and the Hangang Bridge (two bridges in Seoul) underground would not pass the study to see if it was possible.

‘The idea is good from a big picture view, but not detailed enough when you look closely,’ he thought.

Everyone could understand that putting the loud, dirty highway under the ground and making a park by the Han River would be very good for the city in many ways.

But for such a big project, it was important to have real, specific, and measurable profitability, not just a vague idea of future value.

Woojin was talking to Mayor Gu Yoon-kwon about this.

“To make it happen, we need to find a way to get back at least some of the huge building cost. That won’t be easy in the Ichon district (an area in Seoul),” Woojin said.

Gu Yoon-kwon asked, “Isn’t it easier because we already have many people and things in place?”

Woojin shook his head slightly and replied, “The things already in place and the money they bring in are not important. What matters is how much this project will improve that money coming in.”

“Hmm…,”

“The current money and things in place exist even without spending money on building, right?” Woojin asked.

“That’s true,”

Gu Yoon-kwon made a low sound, and Woojin continued, “If Ichon’s current things are at 100, the things that can be added by the underground project will be around 120. In the long run, it will keep creating good effects and increase to 130, 140, and 150, but we can’t measure that right now.”

Gu Yoon-kwon nodded. He understood what Woojin was saying.

“So, to sum up, burying the Gangbyeonbuk-ro highway, which is several kilometers long, to improve things by about 20 percent will probably be seen as not profitable enough. The unknown future values are hard to include in the study to see if it’s possible,” Woojin concluded.

When Woojin finished, there was silence. Everyone there was connected to this kind of project, so they were thinking about what Woojin had said.

Mayor Gu Yoon-kwon broke the silence first.

“I agree with Representative Seo more than 80 percent. But…,”

“Yes, Mr. Mayor,”

“If even the Gangbyeonbuk-ro underground project in Ichon district fails the study to see if it’s possible, no other part will be able to start,”

Woojin agreed with Gu Yoon-kwon’s sad words.

“You’re saying that if it’s not Ichon, which has some things in place, there’s no part where even that 20 percent improvement can be measured, right?”

Yoon-kwon nodded.

“Exactly.”

Mayor Gu Yoon-kwon’s face looked a little sad. He wanted to talk to Woojin about the design and planning of this Gangbyeonbuk-ro underground project.

But from what he had heard, Woojin thought it would be hard for the project to happen.

Still, Gu Yoon-kwon asked again, “But, Representative.”

“Yes, Mr. Mayor.”

“You didn’t say that starting with Ichon as the ‘first start’ was not a good choice, did you?”

“I did.”

“Then, didn’t you already have a place in mind where the project would be more effective than Ichon?”

Woojin smiled slightly and shook his head. The question was wrong, even though it was similar.

“No. There probably isn’t a place where the improvement would be better than Ichon.”

Gu Yoon-kwon looked bitter at Woojin’s firm answer.

But Woojin didn’t stop there.

“However… there is definitely a place where the money would be better.”

“Yes…?”

Woojin’s words sounded like a trick, and not only Gu Yoon-kwon but also Hwang Jong-ho and Park Kyung-wan looked confused. They didn’t understand what he meant.

But as Woojin continued, the question was answered.

“Profitability… isn’t it about looking at both what you put in and what you get out?”

Gu Yoon-kwon’s eyes lit up.

“By input, do you mean the project cost?”

Woojin nodded and replied, “That’s right. Even if the results are similar, if there is a place where you can greatly reduce the costs… wouldn’t the money be much better?”

Woojin paused and began to explain seriously.

The first place for the Gangbyeonbuk-ro Underground Project that Woojin had in mind was Seongsu-dong (an area in Seoul). Specifically, the Seongsu Strategic Redevelopment Zone (an area planned for new development), between the north end of Seongsu Bridge and the north end of Yeongdong Bridge.

He thought the part of Gangbyeonbuk-ro that goes in front of it was a key place to reduce costs.

This wasn’t just because WJ Studio had something to do with Seongsu-dong. It was a real solution, not just for his own benefit.

‘The development plan is to connect the whole residential area,’ he thought.

The Seongsu Strategic Redevelopment Zone was one of the Han River Renaissance projects started by the former mayor. The plan was to rebuild the old villa village on the Han River side of Seongsu-dong and turn it into high-rise, fancy apartments with 50 floors.

Unlike the Gangbyeonbuk-ro underground project, this place was clearly profitable, and the city didn’t have to spend money on it. The new apartments could cover the building costs with the money from the members and the general sales.

Woojin remembered that this zone was profitable enough to be as expensive as Gangnam, Seocho, or Cheongdam (rich areas in Seoul) after it was finished.

“Mr. Mayor, why do you think the Seongsu Strategic Redevelopment Zone project is slow now?” Woojin asked unexpectedly.

Gu Yoon-kwon tilted his head and replied, “Isn’t it also about the money? The real estate market is bad…,”

Woojin nodded. The real estate market would get better in five years, but at the end of 2011, it was still in a bad state. The members would only agree to pay and start building if the new apartments were expected to be expensive.

In this situation, the development was slow.

Woojin continued, “Then, if we make it more profitable, it will naturally be faster, right?”

Gu Yoon-kwon still didn’t understand what Woojin meant and tilted his head again.

“How?”

“We can improve the zone type of the strategic maintenance zone, which is a type 3 residential area, or allow special cases to increase how much building is allowed on the land (floor area ratio).”

If we increase how much we can build, we can build more homes on the same land. The number of members stays the same, but the number of homes increases, so the number of homes that can be sold to the public also increases.

Since the general sale has increased, the development profit naturally increases, which increases profitability.

But this wasn’t easy. Gu Yoon-kwon pointed out, “If we only raise how much we can build for the Seongsu Strategic Maintenance Zone under the name of the Han River Renaissance… this is not fair. Even allowing 50 floors is a big special case.”

Increasing the number of floors doesn’t increase the number of homes. If how much we can build stays the same, we can only build one 100-story building instead of two 50-story buildings.

However, raising how much we can build increases the value of the land itself. So, if we raise how much we can build in Seongsu-dong, many development zones in Seoul will ask for the same.

Raising how much we can build is directly related to the increase in the members’ profits. Then, why not raise it for everyone? If everyone builds houses closely together in the same area, Seoul will look bad.

Therefore, we can’t raise how much we can build without a good reason.

But Woojin had already thought about this. So, he smiled as if he had been waiting. The real key was coming up.

“So, we need a good reason, Mr. Mayor.”

“A reason?”

“A reason that the members of other development zones can’t argue with, even if only this Seongsu Strategic Maintenance Zone raises how much they can build.”

Woojin looked at Gu Yoon-kwon and continued in a meaningful voice, “What if we have the members of this Seongsu Strategic Maintenance Zone pay for the building costs of the Gangbyeonbuk-ro underground project, which is for the public good?”

“…!”

“Seoul will help increase how much they can build so that more homes can be built in the strategic maintenance zone. Instead, you members… invest some of the increased profits for the public good.”

Woojin smiled and added, “Isn’t this a win-win for Seoul and the members?”

The strategic maintenance zone in Seongsu-dong, which is next to Gangbyeonbuk-ro, will benefit the most from the improved environment because of the Gangbyeonbuk-ro underground project. So, if they offer to cover the building costs instead of increasing the profits, there’s no reason to refuse.

The members will live in a better environment without noise and dust, and the building costs can be covered by the increased sales. Seoul can save a lot of money by allowing them to build a little more. There’s also a clear reason for the public good, so there’s not much to worry about.

When Woojin finished, the three people were silent again. But this silence was different from before. Woojin’s idea had given them something to think about, but this time it showed a surprisingly perfect solution.

Park Kyung-wan was so impressed that his mouth was open, and Hwang Jong-ho, who didn’t show his emotions, also had his eyes wide open. Gu Yoon-kwon, who had brought up the topic, was busy thinking about how to make Woojin’s solution real.

‘In this case, we don’t need to think about the study to see if it’s possible. No matter how the project is expected to turn out, the cost will be unbelievably low,’ he thought.

After a while, when he had organized his thoughts, Gu Yoon-kwon looked at Woojin and shook his head.

Gu Yoon-kwon spoke to Woojin in a low voice, “Representative.”

“Yes?”

“How on earth… do you come up with these ideas?”