In recent years circular economy has become more important for the development of many places including cities. Traditionally, urban development policies have mainly been aiming to improve the socio-economic wellbeing of neighbourhoods. However, technical and ecologic aspects have their effects too and need to go hand in hand. This paper is based on an urban area experiment in the Dutch city of Utrecht. In order to assess urban area developments, typically rather straight-forward quantitative indicators have been used. However, it has proved more complicated to assess multifaceted developments of the area studied in this paper. With the City Model Canvas a multi-layered model is being used to better assess the impact of the urban development being studied. Key findings include that the project studied resulted in more space for companies from the creative industry and the settlement of local ‘circular’ entrepreneurs and start-ups, although it remains unclear to what extent these benefit from each other’s presence. The increase in business activity resulted in more jobs, but it is again unclear whether this led to more social inclusion. From an environmental point of view the project activities resulted in less raw materials being used, although activities and public events bring nuisance to the surrounding neighbourhoods.