In the past, mill races were part of the urban structure of many towns in Slovakia. As regulated and artificially created waterways, they served to drive mills, rollers, or hammers. With the use of new sources of energy, they lost their functions, and most of them were dried, filled, or buried underground. In our research, we examine the former mill race corridor in Podolínec (Prešov region, Slovakia) and its potential to contribute to urban regeneration strategies. The research steps included the following, namely 1. Identification of the route of the mill race corridor according to historical sources, 2. survey of its current state and its spatial preservation in the urban structure, 3. evaluation of the possibilities of its new uses, which could increase the quality and attractiveness of urban public spaces. The research results show that the fragments of the corridor of the extinct mill race are still identifiable in the urban fabric, and in the cadaster, they are in public ownership and suitable for new uses. The fragments of the corridor of the extinct mill race in Podolínec represent a potential for strengthening the blue and green infrastructure, pedestrian and cycling greenways, and a potential for the presentation of cultural heritage values, which could contribute to the improvement of the qualities of the urban environment.