This study aims to comprehensively analyze the impact of cultural regeneration factors of unused areas in the case of the Y-Park project in Yeongwol-gun on residents’ satisfaction and present some policy implications. It is hypothesized that there are direct effects of cultural regeneration factors and indirect effects through social capital factors on residents’ satisfaction. The detailed contributing factors of cultural regeneration comprise cultural facility, cultural event, and local community, while detailed factors of social capital comprise trust, participation, and network. A survey was conducted on Yeongwol-gun residents who visited the Yeongwol Y-Park and structural equation modeling was applied to verify the hypotheses. The results and main implications are as follows. First, cultural facility, as a cultural regeneration factor, has a direct and indirect impact on residents’ satisfaction. It also directly affects the trust of social capital factors. Second, it was revealed that cultural events have an indirect impact on residents’ satisfaction through both trust and participation factors in the local community. Third, it was found that the cultural event factor produces a meaningful impact on trust and network factors of the residents willing to participate in the Y-Park project. Fourth, social capital has a positive impact on residents’ satisfaction in the order of participation, network, and trust. It was found that the impact of social capital on residents’ satisfaction was bigger than that of cultural regeneration factors in the Y-Park project. The fact that social capital has a great influence on residents’ satisfaction indicates that it should be highly prioritized when framing cultural regeneration policies. In addition, comprehensive monitoring and business strategies of the project that ensure the generation of creative cultural spaces and also consider intangible assets such as social capital are required.