Core Insights - The article emphasizes the shift in urban development from large-scale expansion to enhancing existing urban spaces, with urban renewal becoming a key focus [1] - The concept of urban renewal is framed as a narrative-building exercise, where the value of urban spaces is defined by the stories they can tell [1][2] - The case of "Dongjiao Memory" illustrates how historical industrial sites can be transformed into vibrant cultural hubs by creating new narratives that resonate with contemporary audiences [2][3] Group 1: Value Restructuring - In the era of existing stock, urban spaces are valued not just for their physical attributes but for the stories they can convey [1] - "Dongjiao Memory" serves as a successful example of this logic, transforming an old factory into a space that attracts young people through a new narrative centered on trends and originality [2] - The introduction of high-energy commercial and cultural elements, such as flagship stores and art museums, contributes to a compelling new narrative that enhances market appeal [3] Group 2: Community Engagement - The transformation of urban spaces must harmonize with existing social networks and community life, focusing on enhancing rather than imposing new lifestyles [8] - The renovation of Yulin East Road exemplifies this approach, prioritizing the needs of existing residents while avoiding excessive commercialization [8][9] - The "three assignments and three meetings" mechanism in the renovation of the Workers' Village allows residents to actively participate in the urban renewal process, fostering a sense of ownership [11] Group 3: Governance and Sustainability - Effective urban renewal requires a shift from construction-focused management to governance that emphasizes long-term sustainability [12] - The "O+EPC" model in Yulin East Road integrates operational considerations from the planning stage, ensuring that future sustainability is prioritized [15] - Collaborative governance structures, such as the "Community+” brand effect, aim to unify diverse stakeholders in a shared vision for urban development [15][16]