The Mongkok Flower Market, located between Mongkok, Prince Edward, and Sham Shui Po, is a unique marketplace with a rich history of transformation. Recently, it became one of the first projects in Hong Kong to be redeveloped under the Urban Renewal Authority’s (URA) plan, a decade-long initiative with a HK$2.5 billion budget set for completion by 2035. The project has faced criticism from local stakeholders, who fear it may erode the market’s authentic character and threaten traditional traders. This study aims to critically examine the URA proposal, addressing tensions between gentrification, urban renewal, and preserving local identity. It combines research on the history and typologies of the area’s markets with site analysis and stakeholder perspectives. The resulting design proposal seeks to balance the URA’s commercial goals with the needs of market operators and residents. It emphasizes flexible, public spaces that support floral appreciation, boost tourism, and maintain the market’s cultural integrity, offering an alternative approach to redevelopment that respects both economic development and community heritage.