. The transformation of decayed semi-peripheral riverside areas and its Tangible Culture Heritage is presented today as a contributing factor in urban regeneration by several public preservation bodies and agendas, as well as privately led investment. These practices demand the economic and symbolic valorization of abandoned Tangible Cultural Heritage, where the social coexistence of residents, workers and visitors is seen as a smoother urban integration of these deprived territories and their communities into the surrounding contemporary cities.

We’ll focus our approach on socio-spatial changes occurring in Marvila and Beato, presented today as new urban areas in which to financially invest after the 2011 economic crisis occurred in Portugal, discussing public and private re- appropriation of Old Palaces, Convents and Farms and Reconverted Warehouses (industrial and commercial); towards the creation of a new urban centrality in Lisbon. In this case, public ground-field intervention established a culture led regeneration process, with the creation of a municipal library, a crucial point in the cultural use of this space, community participation and gathering. Dealing with private investors, despite the positive effects, such as a reduction in unemployment, economic diversification and re-use of urban voids, there is always the possibility of undesired consequences. This paper argues, and the research experiments in many European cities show us that the ambition to improve the image of these deprived areas, despite somGonzalex encouraging ground level achievements, has unwanted or unexpected outcomes, starting as urban regeneration practices, often sliding towards gentrification, where local public powers have a determinant role.