Social capital has a dark side. While social capital can facilitate collective action, a few members might form closed circles and dominate planning processes. Bonding and bridging social capital are arguably crucial factors in explaining these different outcomes, yet the causal link remains unexplored due to underdeveloped measures and methods. This article contributes to the literature by proposing network measures and testing these effects one against the other through exponential random graph models. The analysis focuses on the case of an urban regeneration project in Sinchon, an inner-city neighborhood in Seoul, where residents were engaged in the governance of planning, partnered with public officials. Based on a survey and interviews, the study found that the project has a propensity for tightly clustered relations centered around public officials without bridging, indicating a stronger role of bonding social capital. However, residents remained passive rather than voicing their concern, calling for another type of social capital that accounts for power.