The transformation of industrial zones into cultural and creative spaces induces significant changes in the urban environment. The study offers a comparative analysis of the quantitative and qualitative characteristics of quality of life and the business environment from the perspective of two key social groups: entrepreneurs and residents. This research examines the example of Red Town in Shanghai (Hongqiao Central Business District, China), which was transformed from a steel plant into a modern art space. A survey conducted among residents (N = 226) and entrepreneurs (N = 226) assesses changes in the quality of life and the business environment following the transformation. The results indicated that both groups generally acknowledged improvements, particularly in the development of creative infrastructure and the increased attractiveness of the area for businesses. Entrepreneurs emphasized the growth of social activity, safety, and community interaction, while residents more frequently noted the support from local authorities and easier access to cultural events. This study holds practical significance for the development of the Hongqiao urban environment and theoretical importance for understanding the impact of creative transformations of industrial zones.
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