This paper explores the potential of the Urban Living Lab (ULL) methodology in multi-risk contaminated sites, focusing on the Bagnoli-Coroglio Site of National Interest (SIN) in Naples, South of Italy. ULLs are participatory environments for testing innovative urban solutions, yet their application in contaminated and multi-risk contexts remains underexplored. The research investigates how ULLs can facilitate knowledge sharing, stakeholder engagement, and co-design processes in such critical areas. The study is based on two co-exploration workshops held in February 2024, involving experts and students from local high schools. The workshops aimed to improve knowledge, assess risk perception, and identify key stakeholders. The results reveal a strong perception of social and structural risks, particularly linked to urban degradation and safety concerns, whereas climatic, environmental, and health-related risks appear less recognized by the group of students and experts. The findings suggest that ULLs can enhance awareness of multi-risk conditions and foster inclusive urban regeneration strategies integrating technical expertise with local knowledge to co-develop sustainable solutions. However, challenges remain, including the long time required for participatory processes and the opportunity to get meaningful engagement from diverse actors. By applying the ULL approach to a complex site like Bagnoli-Coroglio, this research contributes to the broader discourse on participatory urban planning in contaminated and multi-risk areas, offering insights for future applications in similar contexts.