This paper takes its point of departure from an urban place innovation study with focus on local stakeholders with particular interest in the Old Town District in a Norwegian community. The aim of this paper is to identify place innovation challenges among local community stakeholders and to discuss approaches to integrate stakeholders in urban regeneration. We have conducted qualitative interviews with 21 different stakeholders representing local entrepreneurs, non-profit organizations, the municipality, elected officials, tourism organization and residents with particular interest in the Old Town District. Additional observations and document studies were conducted. The results reveal stakeholders' views on challenges and opportunities related to how such regeneration collaboration might be conducted. The complex nature is characterized by strong cultural heritage and a mix of opinions and visions. We argue that urban regeneration requires an integrated approach based on stakeholder collaboration and engagement in order to develop the potential of an old town district into something that is more than a scenic backdrop. We discuss several implications as prerequisites for integrated collaborative approaches in place innovation (urban regeneration).