This study makes the transformation of an industrial site in Turin, Italy, a case to explore the evolution, gain value, and renewal strategies of industrial factories in the context of urban regeneration. The factories built during that period can be seen as symbols of productivity and modernisation. Industrial buildings played a crucial role in shaping urban spatial structures during the Industrial Revolution. However, with changes in industrial systems and social demands, many factories were abandoned, resulting in spatial waste and the loss of cultural memory. Reviving these sites is crucial for preserving urban identity and promoting sustainable development. The research focuses on the following dimensions—spatial adaptation, value reconstruction, and regional revitalisation—and applies these concepts to the adaptive reuse of the former national wallpaper factory in Turin.