The traditional concept of investing is undergoing changes triggered by global sustainable trends, most clearly manifested in recent decades. In this regard, there is an increasing need to adapt the national investment model to international innovations in order to increase the level of business competitiveness, as well as to find models for using new tools to achieve the goals of the state and business. The subject of the study is impact investing (social investing). The methodological basis of the study was a comparison of the concepts of corporate social responsibility and impact investment, as well as an analysis of the global results of social investment and the possibility of using this tool in Russia. The article examines the phenomenon of social investment, reveals its advantages and potential, in particular, for the purpose of improving the standard of living of the population through of urban spaces renovation. The definition of social urban space that most fully meets modem trends is proposed, the trends relevant to the sphere of organization of urban spaces are considered. A comparison is made between the Western experience of using social investments and Russian practice, the most promising directions of using social investment for the development of the social urban environment are proposed. The results of the study indicate a low degree of probability of successful implementation of social investment in Russia at the moment, which is due to a number of characteristics of the Russian national economy. The article suggests measures to create a favorable climate for the development of impact investment in Russia. The results of the research can be applied in the development of tools for introducing social investment into Russian practice and creating conditions for cooperation between the state and business within the framework of sustainable development, as well as in planning renovation and creation of new urban spaces.