In recent decades, the redevelopment of waterfronts in global cities has become a focal point for large-scale real estate investments, often driven by neoliberal policies. These projects, characterized by the increasing involvement of state agencies, aim to transform obsolete industrial areas into lucrative spaces for tourism, commerce, and luxury living. This article scrutinizes the intricate dynamics of state-led waterfront re-development, through the lens of Istanbul’s Galataport project. It analyzes the multifaceted dimensions of the transformation process, shedding light on the historical backdrop, socio-political underpinnings, and economic imperatives that have shaped the development of Galataport from 2002 to 2022. Through a comprehensive analysis of primary sources, including governmental reports, policy documents, and scholarly literature, the article accentuates the pivotal role of the state and state actors in orchestrating the transformation of Istanbul’s urban landscape. Furthermore, it examines the implications of the Galataport project on urban governance and socio-cultural and spatial dynamics. It concludes that the central government pursued a speculative entrepreneurial approach in the Galataport project, clearing various legal obstacles while neglecting public interest. This case study takes the first step towards a comprehensive critical re-evaluation of the recent urban development/governance model to contribute to a nuanced understanding of contemporary urban/waterfront development paradigms in Türkiye and similar geographies.

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