Public Value Capture (PVC) refers to the capture of the value created through the efforts of public bodies rather than from those of private landowners. However, this value obtained is not always distributed to public sector stakeholders, especially in developing countries. This requires the questioning of beneficiaries of value increases resulting from these investments. The article aims to analyse the public value capture capacity by focusing on an urban renewal project in Istanbul (Turkey) and to question the distribution of the values obtained among different actors in a detailed way. The study is based on a scenario with defined assumptions, by taking into consideration interviews with different actors, and the legal and institutional framework in the Fikirtepe renewal project in Istanbul (Turkey). The findings of the study demonstrate that landowners, who enjoy the greatest gain in the urban renewal project, did not actually contribute to public value capture, while developers bear most of the risks. Also, the findings show public institutions remain ineffective in capturing the increased value from urban renewal.