This academic study investigates the urban transformation practices and their effects on the urban life and on the citizens of Bayraklı region of İzmir. Since the urban transformation practices in Turkey have accelerated particularly in recent years, these practices have been assessed and evaluated by analyzing a number of cases both from throughout the world and from Turkey. The purpose of the thesis is to consider and criticise the rapid urban transformation practices in the context of the housing question, neoliberal urban policies and urban actors of construction sector. Through these perspectives, this study aims to construct a multi-dimensional approach considering the urban transformation of Bayraklı district in İzmir. The focus of the thesis dwells not only on the urban transformation areas in Bayraklı, but also on the spatial alterations in the central business district as well as the shore design works carried out in the district. Firstly, the decision of moving the city center from Konak to Bayraklı is considered by this study to be a significant improvement for the city of İzmir. Additionally, the master plan of the new city center prepared by an international urban design project competition in 2001 is perceived by this thesis as an important input to comprehend the urban transformation process of this particular district. Lastly, the shore design works concerning the area produce a noteworthy effect on the region. Therefore, such a spectrum of physical and social implications and actors related to them constitute the scholarly concern of this thesis. Keywords: urban transformation, production of urban space, rebuilding, critical urban theory, urban phenomenon.