Urban construction has entered the stage of high-quality development in terms of stock renewal. Taking the space beneath the viaduct in the central urban area of Shanghai as an example, the work aims to revitalize the underutilized, abandoned, and negative spaces, as well as other small and micro-spaces. The characteristics and potential issues associated with the space beneath the viaduct in the central urban area of Shanghai are analyzed. Then, the feasible suggestions are proposed for its governance and construction by incorporating exemplary case studies from both Chinese and international contexts. It is observed that factors such as geographical location, scale, spatial form, etc., influence the space beneath the viaduct while presenting challenges like limited space functionality and format diversity, unfavorable site conditions, absence of regional cultural elements, ownership ambiguity, and subsequent maintenance difficulties. Therefore, comprehensive consideration should be given to economic, social, and environmental factors during space governance while examining aspects such as space construction practices, cultural preservation, economic benefits, ecological advantages, social participation, and responsibility ownership throughout the entire life cycle.