This study investigates the challenges and opportunities of commercial real estate development in Korea, focusing on the case of Dohwaseogil in Susong-dong, Jongno-gu, Seoul. Unlike conventional Korean development models that often prioritize short-term profitability and project financing over contextual sustainability, this research emphasizes the need for integrated cultural–economic regeneration. Through a comparative case study of Dohwaseo-gil, New York’s Empire Stores, and Tokyo’s Miyashita Park, the research identifies four analytical dimensions—physical regeneration, economic regeneration, socio-cultural regeneration, and governance. Findings reveal that successful regeneration projects share three common elements: (1) reinterpretation of historical and cultural identity, (2) integration of cultural programming with commercial functions, and (3) establishment of public–private partnership governance structures. However, Dohwaseo-gil exhibits limitations in tenant strategies and long-term operational sustainability, exacerbated by the COVID-19 pandemic. The study concludes that Korea’s commercial real estate development must shift from profit-driven construction toward place-based strategies, ensuring sustainability through stable anchor tenants, community participation, and trilateral governance models. These insights contribute to advancing urban regeneration discourse and offer practical guidance for sustainable cultural–economic redevelopment in Korea.
Oh et al. (Tue,) studied this question.
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