||This research analyzes urban regeneration phenomenon in Turkey, which has a relatively low record of success, according to the structure of its stakeholders or pillars. It is observed that the three pillars presented in this study are supposed to be in balance for a flawless project. The first pillar is proposed to be the human beings, that is, the shareholders of the project area. The author at this point suggests that they appear with their “homo-economicus” identity. In the paper, this idea is further argued against the claims of gentrification. The second pillar of urban regeneration is the public authority. Although the municipalities are authorized to perform urban regeneration projects, new regulations also enable the Ministry of Urbanism to take control. In any case, state institutions are perceived to be dependable when peoples’ property rights are under consideration. The third pillar of urban regeneration is regarded as the private sector, namely the developer. A Developer’s inclusion is the assurance of the quality of a project. Nevertheless, it is not always necessary to contain a profit driven developer in such projects. Some urban regeneration intentions might be financially unfeasible but politically and socially feasible. In such cases, certain governmental institutions subsidize projects. In order to demonstrate the critical relation amongst the abovementioned pillars, several urban regeneration projects from Istanbul are comparatively elaborated in the paper. This research aims to contribute to urban sciences in two ways. The first is to frame the urban regeneration phenomenon with its tangible and intangible boundaries in a conceptual way and help policy makers comprehend the partners’ (pillars’) interests. Second, it helps implement a dynamic project management strategy where the three pillars meet at a positive bargaining zone.