This article presents a critical review of the youth scientific conference “Metropolises III: Development and the New Urban Crisis,” organized by the Center for Urban Studies at Tyumen State University. The authors aim to uncover hidden yet significant “fault lines” in the contemporary understanding of development — not as a merely commercial real-estate activity, but as a complex, multidimensional process of urban space production. Central to the discussion is the figure of the developer, whose role extends beyond that of a traditional builder to include functions such as curator of cultural memory, research partner, marketer, and sometimes even facilitator. Drawing on an analysis of the conference presentations, the article identifies several key thematic directions: developers’ engagement with academia and universities; their use of placemaking tools — including commemorative practices and naming strategies — to create meaningful places and counteract placelessness; interactions with urban communities through both conflicts and participatory practices; and the emergence of “alternative” forms of development — Soviet-era, university-led, and informal. The review underscores the need to broaden the conceptual toolkit of urban studies by integrating alternative models of spatial production and demonstrates that development is not only an economic process but also a semiotic, political, and cultural one.