Between 2000 and 2012, the Santa Isabel area of the Santiago-Centro comuna (municipal district) saw increasing capital concentration in middle-income-oriented, new-build real estate. Whilst large developers devised several ways to pay low land prices to original owner-residents, the average sale price of new apartments rose, reducing the amount of housing options in the area by at least 50% for original low-income residentsa form of exclusionary displacement. In parallel, state regulations intensified the Floor Area Ratio in order to anchor real-estate investment to their territories, substantively leading to development projects with much higher density rates, higher rents, and smaller living spaces. In this article, I draw upon an analysis of 262 land plots that were redeveloped into 65 new high-rise projects and a survey of 195 original households who lived in the still non-redeveloped properties inside the case study area, in order to analyze how Santiago's high-rise urban renewal (usually) means new-build gentrification led by the state and monopolized by large-scale developers.