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This article argues that the various changes that the city of Rio de Janeiro has recently experienced can be characterized as neoliberal urbanization, involving a process of creative destruction of urban structures and the dominance of institutional arrangements in the management and regulation of urban space. It considers in particular the city’s processes of preparation for the hosting of two sporting mega-events, the FIFA World Cup in 2014 and the Olympic Games in 2016. In this context, it discusses gentrification processes in some areas of Rio de Janeiro, especially the port area, the neighborhood of Barra da Tijuca, and some parts of the South Zone.