This study creates a theoretical basis for urban regeneration based on critical discussion of existing urban regeneration studies and the urban regeneration paradigm. Building on this discussion, the study suggests an alternative paradigm for existing urban regeneration. Furthermore, the urban regeneration process of Daegu modern alleyway is analyzed from the perspective of placeness-making, and limitations and plans for improvement plans are suggested.

The results of the analysis are as follows.
First, in the West, urban regeneration was a policy that was selectively established to prevent urban spatial expansion, decline in urban centers, and decline of urbanized areas. On the other hand, urban regeneration in Korea is different in that it is a policy to solve the overall problems of the city as well as the urban and urbanized area. And today''s urban regeneration is being transformed to pursue the quality of life and sustainability, which includes human beings, their communities, and social and cultural elements of the city. Based on this paradigm, this study defines urban regeneration as a comprehensive and integrated sustainable urban development strategy for revitalization of the urban and urbanized areas.
Second, the artificial formation of placeness using regional assets, that is strengthening urban competitiveness through creation and re-creation of place assets, is defined as alternative urban regeneration, and the concepts and characteristics of place and place assets are more clearly defined. Therefore, this study defines ''placeness-making'' as a strategic action to strengthen the sustainability of the place through substitution, supplementation and artificial creation of positive and negative elements of the place, these definitions help to suggest the framework of analysis.
Third, urban regeneration of Daegu modern alleyway started from community members’ investigation of the attributes of the place with an interest in and attachment to modern alleyway before Daegu’s urban regeneration promotion system was established. Daegu’s urban regeneration project, which focuses on conservation and passive maintenance of old towns that are less developed than new towns but are rich in historical and cultural assets, started in 2007. After that, the project focused on strengthening and promoting the identity of the region among residents and visitors through the preservation of regional assets and improvement of landscapes through efforts such as ‘the modern cultural alleyway improvement project’ and ‘the Gyesanyega construction project’. Since 2010, urban regeneration projects have been changed to projects that improve landscape design in modern alleyway and allow residents to create greater attachment to their areas through voluntary participation.
Fourth, the urban regeneration project of Daegu modern alleyway as a process of placeness-making began with the concept of ''modern cultural alley'' in 2007, and this was evaluated as a leading project of urban regeneration project utilizing local identity. Since then, placeness-making projects have been continuously promoted with the expansion of the project target area and the establishment of the concept of placeness called ''travel to modernity''. In terms of regional assets used in placeness-making projects, environmental assets were mainly used for landscape improvement projects to create a modern atmosphere, and historical and cultural assets rooted in modern historical and cultural archives and residents'' oral history were used for storytelling. Social institutional assets centered on local governments, cultural activists and experts helped to persuade local real estate owners to participate in the urban regeneration process.
Fifth, place assets were created in the urban regeneration of Daegu modern alleyway through implementing physical environment improvement projects and adding historical facts by utilizing regional assets in places where the existing placeness is weak. This process of creating attractive and new place assets established the basis of sustainable placeness-making and the urban tourism resources called ''travel to modernity''. Nevertheless, the most important limitation is that visitors tend to be more aware of the existing placeness due to the accumulation of visitors'' experience of the created place assets, and the mechanism of continuous place assets creation to overcome this is not yet established.
In conclusion, to overcome these limitations, systematic measures should be prepared to strengthen the internal process of placeness-making, which is to give meaning to existing regional assets and created place assets. Specifically, it is necessary to minimize gentrification by strengthening sustainability and to promote the activation of local communities, and to have the optimal settlement environment in which the lives of residents themselves can become place assets.