This research sought to discover the social impact of demographic, aesthetic, and economic neighborhood restructuring in downtown Fargo, North Dakota. In-depth interviews were conducted with 19 cultural, economic, and practical community stakeholders, comprised of downtown Fargo residents, business owners, and community service providers. Their narratives are used to explore how spatial and economic change has been perceived, as well as how similarities and differences between economic, cultural, and practical stakeholders have shaped their perceptions of the neighborhood. This research discovers that downtown stakeholders actively manage the social identity of their community by accentuating speci fie aspects of the neighborhood, creating an idyllic origin story for the neighborhood and an anti-suburban character for the space. The similarities and differences between participants' community perceptions stem from the different roles they play in the community, and issues of power and marginalization are tied to the process of economic neighborhood revival. Contributions to scholarly literature on community development, urban sociology, space-based theorizing, and an expansion of stakeholder theory is discussed. The process of community restructuring in downtown Fargo has entailed a redistribution of cultural and economic power, and the narratives given about this community are found to be both a source of social marginalization and potential political action and empowennent.