A number of attempts have been made to revitalize the old downtown of Jeju City. Now, two relatively young entrepreneurs have started a project to transform the island’s oldest modern inn into a new landmark. Mike Balfour reports.
[slug] Chilseong-ro, Jeju City
This is a narrow alley near (칠성로) Chilseong-ro, Jeju City.
In the cluster of guest houses stands a peculiar looking building.
[slug] Island’s first modern inn built in 1971
It is the island’s first modern-style inn built in the 1970s when tourists, mostly Japanese, started to rush into Jeju.
It had been a guest house until recently. The business is closed for the moment.
The building that shared the rise and fall of the old downtown area is making ready to take back the glory it enjoyed about a half century ago.
[slug] Will be turned into guest house for solo travellers
Two young persons who moved to the island from the mainland are working together to renovate the old inn into a guest house for solo travellers.
They are drawing attention from individual and institutional investors as they are planning to revitalize a place where area residents, as well as travellers, can enjoy.
INTERVIEW Lee Gwang-seok / Co-founder, Bed Radio There are a lot of problems, but, unlike in Seoul, many people are trying to make a difference here in Jeju. I think we are in the midst of a push to breathe life back into this area, but there are problems that must be fixed to revitalize it. If we solve the problems, I strongly believe our project will be profitable. [인터뷰 이광석 / (주) 베드라디오 CC0 ] "제주(원도심이) 가진 문제가 굉장히 많고 서울과 다른 점은 서울에는 그 것을 적극적으로 해결하겠다는 사람이 굉장히 많은데 제주는 아직까지 관성이 조금 남아 있는 것 같아요. 그런 변화 시기에 있는 것 같고 그 것을 적극적으로 해결하면 당연히 수익이 창출 할 수 있다고 생각하고 (있습니다.)"
Instead of purchasing the building, they suggest rental for sustainable development.
The founders also suggest that area residents could benefit from this business model.
INTERVIEW Kim Ji-yoon / CEO, Bed Radio When old communities were being developed, a huge investment was made to purchase buildings. Investors just sold them off and left after their value appreciated. Contrary to this, we want to work together with building owners to raise the value of the old downtown. [인터뷰 김지윤 / (주) 베드라디오 대표이사 ] "오래된 도심이 개발될 때는 큰 자본이 들어와서 건물 전체를 매입하고 개발해서 가치가 높아지면 떠나버리는 경우가 많은데 저희는 현재 건물주와 같이 개발을 하고 있어요. "
[slug] Renovated guest house to open in July
The renovation works will begin early next year and the guest house should be able to welcome guests by July.
[Reporter] Mike Balfour [Camera] Ko Moon-su
Insiders hope that the renovation project for Jeju’s oldest inn will add fuel to old Jeju’s revitalization efforts.
