This thesis provides an answer to the feasibility of adaptive reuse as a holistic approach to regeneration of non-active industrial heritage buildings, in the case of Izmir city’s historic electricity factory situated in Alsancak district. Izmir, as one of the principal port cities of Turkey, was the leading port of Turkish national industrialization and urbanization starting from the late Ottoman period until the beginning of the Republican period. Alsancak zone, which is the city’s former industrial core, retains significant architectural and cultural remnants that present a singular opportunity for research into the interaction between heritage conservation and urban renewal. The research aims to answer the new city’s needs for sustainable, inclusive, and memory-sensitive urban development by examining how industrial heritage can be reinterpreted and reused but for today’s purposes without ignoring its past.