Municipalities and city administrations have the jurisdiction to determine the use of land and real estate, but must collaborate with various actors, including real estate developers, construction companies, and financial institutions, to realize stated goals. When implementing initiatives such as urban renewal projects, plans and situated actions may be loosely coupled during the early stages, when visions of the future are being articulated; over time, however, the information needed to calculate whether illiquid assets are attractive investment objects must be introduced. As such information is generated, the gap between plans and situated actions closes, having material effects under favourable conditions. This article presents an empirical study of an urban renewal project in a metropolitan area that initially gained external recognition via a prize awarded for visionary planning work. The project eventually encountered considerable difficulties, as a shortage of accurate information hampered production activities. The study underlines the importance of robust governance practices and accompanying governance devices in effectively transforming illiquid assets into, for example, housing.