| Title |
An Empirical Study on the Retail Tenant Compensation in the Public-led Urban Renewal Project - Focused on the Sewunsangga 4 District - |
| Keywords |
Urban Renewal Project ; Public Implementation ; Retail Tenant Compensation |
| Abstract |
Urban renewal projects was deeply involved in the violation of property rights under the public interest perspective. Especially retail tenant compensation has been a very critical conflict factor of urban renewal projects. Tenant compensation is guranteed by legal system but it has not been operated rightly because it had been implemented mostly by private developers. Recently many studies suggest public to assist the loss compensation but it is too difficult to find the detailed measure or case study yet. This study analysed the Sewunsangga urban renewal project led by public sector so revealed the actual case of retail tenants compensation. Public developer in Sewunsangga project has managed several compensation plans such as provisional retail facilities, loss compensation, the prior right of lease. Loss compensation by Public sector is so well to the tenants in compensation amount and term. The provisional retail facilities required much budget but the only 25.4% of total tenants moved in and the 50% of whole facilities are vacant. The prior right of lease needs proper discount rate and period but the existing small industry could not be relocated in that it will be determined by implementer or land-owners. Finally this study shows the positive and negative effect of public roles in retail tenant compensation. |