In an attempt to clarify the challenges and potentials for urban growth management in a developing country context, this paper looks at the case of the Santiago de Chile metropolitan area. The paper begins with an overview of the national political and administrative structure in Chile and the institutional context within which growth management must function. The paper continues with a presentation of the Santiago metropolitan area, overviewing demographics, the economy, the transportation system, urban growth patterns, and the environment. Then, the range of current instruments used for growth management in Chile and Santiago are presented, along with other relevant influences such as the public finance system. The following section reviews the real estate market, focusing on the emergence of large developers and their associated “mega projects,” which play a major role in shaping the city’s growth patterns and trends. Finally, the paper concludes with major findings, recommendations for improvements to the current growth management system, and areas for future work.