This paper examines the role ofurban creative projects in the development of the territory, attracting investment and entrepreneurial activity. The most famous projects in Russia and abroad have been studied; their positive and negative sides have been evaluated. On the example of the Russian festival "Tavrida.Art" the socioeconomic aspects of such activities have been studied. The conclusion is made about the positive impact of urban creative projects not only on the development of talents, increasing the level ofeducation ofthe population, but also on stimulating innovation, increasing investment activity of the territory, improving infrastructure, image and increasing the tourist attractiveness of the region.