Contemporary urban area development is a complex and multifaceted task, requiring the integration of diverse actors, interdisciplinary knowledge, and financial resources. Collaborative governance approaches have emerged as a response to these challenges, emphasizing knowledge-based collaborations and consensus-oriented decision-making. This study aims to investigate how public and private actors in collaborative governance steer on feasibility in the context of urban area development. The research focuses on understanding the assessment of feasibility, important milestones in the governance process, risks that substantially pressure feasibility, and how these risks are managed within collaborative governance agreements. The main research question is: How do public and private actors in collaborative governance steer on feasibility in the context of urban area development? The theoretical framework highlights the role of collaborative governance in steering towards feasibility and managing risks in urban area development. The empirical research, based on a case study of the Vroondaal project in The Hague, examines the assessment of feasibility and the management of risks. The findings reveal key risk factors, such as revenue increase, cost increase, cost of land development, interest rate fluctuations, land price, land sale, and market decline. Risk-management strategies include financial models, financing and interest rate considerations, land sale rate and real estate development strategies, investment and revenue adjustments, and collaboration agreements and responsibilities. The study concludes that public and private actors steer on feasibility through collaborative governance processes, as stakeholders collectively identify, analyze, and manage risks in the context of urban area development.