Megaprojects, as a part of neoliberal urbanism, have become an important element of cities worldwide. In Santa Cruz de Tenerife, Spain, the megaproject Santa Cruz Verde 2030 represents this type of project. The ambitious plan seeks to transform the city’s oil refinery into an urban quarter. However, since its announcement in summer 2018, no critical public discussion has taken place, although the project is expected to reconfigure the city’s waterfront and its tourist model. In this context, it is particularly the stakeholders’ point of view that is neglected. We thus offer a qualitative analysis of five interviews with local stakeholders from the real estate sector, politics, urban planning and an environmental association. The analysis shows that the interviewees feel insufficiently informed by the project’s initiators. The project is interpreted as an elitist symbol of how the project’s initiators understand urban development. While some of the stakeholders want to accelerate the whole process, others call for a more integrative and participative planning approach. Moreover, the observed marketing campaign is directly linked to the upcoming elections. The interviewees observe a simple top-down planning process, which contradicts the promises of the initiators to enable civic participation and integration.