These past thirty years, cities have undergone tremendous changes. They have experienced the displacement of their industrial activities and the tertiarization of their city centre (Sassen, 1996 : 444). Some are still facing physical (brownfield) and social decay from this economical transition. The internationalization of economy and finances and the increasing competition between territories have pushed political actors to come up with new strategies. The commodification of the urban fabric has turned out to be one of them. The heritage dimension in urban regeneration projects has been studied by numerous authors. Some have shown the pros and cons (Choay, 2009, 1998 ; Bidou-Zachariasen, 2003 ; Linossier, Russeil, Verhage, et Zepf, 2004 ; Gravari-Barbas, 2005). Others have illustrated how it can be a means for space appropriation (Gravari-Barbas, 2005 ; Veschambre, 2008). However, little has been said about its consequences on urban planning and the conduct of urban projects. In this article we will analyse the political agenda of Porto’s (North of Portugal) inner city urban regeneration policies. The main aim is to question the construction and the role of heritage in this type of project. We will, through a critical analysis of the institutional actors’ discourses, show how they have shaped the meanings and representations the urban fabric. We will also investigate the articulation modes of these projects at different territorial scales pointing out that daily usages are not well taken into account.