This study draws on an inquiry into the transformation of an abandoned old industrial site in the rear port of İzmir Alsancak, Turkey. This area is a critical example regarding that it has been undergoing neoliberal urbanisation consisting of deindustrialisation, urban entrepreneurialism and gentrification. The deindustrialisation practices and the rising of neoliberal policies, the rear port of İzmir Alsancak have gained an exceptionally increased value and potential for urban entrepreneurial practices. This area has been undergoing a radical transformation by the way of incremental speculative redevelopment projects. Huge complexes of luxury housing, commerce and tourism have been rising on the large and single owned parcels. Planning is included in this process as a tool by the central government and local government at different scales of development plans. Frequently changing regulations and transferring rights through privatization programs on behalf of speculative projects of private entrepreneurs have to lead to redevelopment and gentrification of old industrial sites. Firstly, the relationship between urban space and capitalism as a mode of production is going to be mentioned. Secondly, the changes in the regime of capital accumulation and the rising of neoliberalism are going to be summarized. Moreover, the relationship between neoliberalism and urban entrepreneurialism, speculative urbanisation and gentrification will be stated. Thirdly, Turkey’s neoliberal urbanisation and deindustrialisation process will be examined. Finally, in light of all these concepts, the transformation process of the rear port of İzmir Alsancak is examined and criticized. Keywords: Neoliberal Urbanisation, Deindustrialisation, Urban Entrepreneurialism, Speculative Development, Gentrification, İzmir Port