As part of an Urban Renewal Authority (URA) project, all interests of Lee Tung Street were resumed by and reverted to the Government of Hong Kong since 1 November 2005, and subsequently demolished in December 2007.

The street was known for its printing industry, and Wan Chai was a longtime host of the headquarters of the Hong Kong Times, Ta Kung Pao and Wen Wei Po.

According to an authority spokesman, up to the end of June 2005, more than 85 per cent of the 647 affected homeowners on Lee Tung Street had agreed to accept compensation offers of HK$4,079 per square foot.

In its place will stand four high-rise buildings and one underground car park, and new shops fitting in with the proposed image of the street as a "Wedding City".

On behalf of the H15 Concern Group, architect Christopher Law produced a counter-proposal known as the "Dumbbell Proposal" which would have preserved the signature six-storey tong lau in the middle part of the street.

However, despite the proposal and strong protests by residents (including a three-day hunger strike by 60-year-old shop owner May Je) and other activists, the URA and the government went on to demolish the street as planned.

[14] After redevelopment, H15 Concern Groups challenged the promise that making wedding as renewal theme as chain stores and famous brand dominated the new street.

[16] However, Peter Lee Siu-man from Conservancy Association criticized that no social enterprises and original shop owners should afford the monthly rent of three rebuilt tenement houses.

[17] In June 2013, the Urban Renewal Authority (URA) began accepting applications for new commercial tenants on the street, and formally announced the new name "Avenue Walk" (囍歡里).

[18] Finally, Sino Land, Hopewell Holdings and URA announced the name changed to "Lee Tung Avenue" (利東街) in October 2015, using the street's old Chinese name.

The extent to which the H15 project meets the 12 objectives spelled out in URS is set out in the table below (prescribed in the Study Report: The Achievements and Challenges of Urban Renewal in Hong Kong):[19] Spring Garden Lane into the site which would improve vehicular circulation along Spring Garden Lane - smaller units in the future residential towers will be designed with overall average flat size about 52m2 (GFA).

If the redevelopment turned out to be as planned in 2010, we could safely conclude the H15 project met most of the objectives spelt out in the URS, the remaining controversial part was related to the social aspects.

The struggle made by H15 Concern Group and its supporters is now usually considered as one important landmark of the "new social movement", which stresses on postmaterialist values like culture and heritage.

The experience in Lee Tung Street also nurtured a batch of activists in the society, most remarkably Eddie Chu, and led to more sophisticated tactics in future social movements.

[20] Other issues in urban renewal, including community participatory planning, owners' participation in redevelopment, "flat-for-flat" and "shop-for-shop" compensation are all reflected in the case of the H15 project.