Urban renewal projects have been increasingly undertaken in many nations to cover diverse functions through rehabilitating complex spaces vertically and horizontally. Urban renewal projects usually require a great amount of resources and interrelationships which inherently involves various participants and stakeholders from both public and private sectors. Hence, urban renewal projects need to be viewed on megaproject aspects that should be managed not from being a sum of single projects, but from a synthesized program perspective. While there have been numerous studies on developing project performance system through identifying performance indicators and evaluating performance of a project, there is no well-defined research as yet of considering unique characteristics of complex megaprojects, particularly for the domain of urban renewal projects. This study aims at establishing performance indicators for urban renewal megaprojects at the program level. This paper then provides a future direction for systematic and integrated urban renewal megaproject management to periodically monitor and forecast the status of a project.