This paper examines the conservation master plan prepared for in Beyoglu, Istanbul’s Galata Persembe Bazaar waterfront and its Genoese and Ottoman port heritage. This paper initially contains an analytical perspective. This perspective informs the analyses of the evolution of planning process on the conservation of the port heritage. The results of relations between port heritage and conservation planning works have come up for discussion. Spatial interventions on the Persembe Bazaar waterfront began in the 1980s by removing industrial and commercial buildings in the area. These interventions, made in the framework of wiping away the Halic (Golden Horn) waterfront created pressure for urban regeneration in areas with historical and cultural heritage assets like Persembe Bazaar. Major projects such as Galataport and Halicport on the waterfronts of the Halic and the Bosphorus have increased this pressure. Huge functional transformations on the waterfront are desired along with the Persembe Bazaar Conservation Master Plan, which conforms neither to the content nor the context of general conservation principles or Turkey’s conservation legislation. Its content includes no interventions compatible with the theme of “living in harbour cities” and should thus be criticized. The conservation of the tangible and intangible heritage of historical port features, the preservation and development of the service sector and trade in the area requires adopting a holistic understanding of conservation and taking historical features into account. Such an important port heritage site should not be seen as having only touristic functions. It should emphasize more local features for their daily use of local residents and businesses.