Built environment has changed in contemporary cities, and the presence of transformations in uses and emptiness of certain areas. In Sao Paulo, the dynamics of land uses and the reconfiguration of areas by real estate market have proved themselves as the main force of production of urban spaces. This holds true even though urban instruments for the induction of city development, articulated by the regulation of municipalpublic powers, exist. An intensive and prioritary production of urban space by two real estate entrepreneurs has been observed in the city of Sao Paulo. It reveals itself as, generally, separated from projects and plans that could induce the creation of a planned and synergic urban space. Operações Urbanas (OU) and Operações Urbanas Consorciadas (OUC) that hypothetically should produce an articulation between public and private interests in the production of a fair and equal city. This article presents a critical analysis of such an operation, OUC Vila Leopoldina - Jaguaré, that though presented as a possibility for the transformation of a perimeter through urban planning and projects, was never legally regulated giving opportunity to an occupation exclusively driven by real estate projects.