In the late 20th century, Korea has accelerated urban sprawl and demolition based redevelopment without considering local characteristics. As a result, quantitative supplement of housing has been saturated and has pushed revitalization especially. The purpose of this research is to delineate the local asset based regeneration of Gamcheon Culture Village Busan. The research methods are field visit, site observation, in-depth interview, library and internet research, data were collected and analyzed with the contents analysis techniques. As results, elements of hardware, software and humanware resources and the dynamics of the whole process such as how the resources connected and utilized, and how the external resources have been converged into these to regenerate Gamcheon Culture Village in diverse dimensions, such as cultural, social, economical and physical one were analysed. This research is expected to share the wisdom of revitalizing with collaborations. Through enhancing negative resources of decayed area to positive ones, the case produced the synergy.