In this paper we examine, from a historical perspective, how neoliberal policies become the underlying causes that affect cultural built heritage in the southern portion of Mexico City, at present. First, we document the development of cultural built heritage in Mexico during the 20th century. We underline that this idea is accompanied, however, by a series of destruction processes concerning cultural built heritage at the same time, as the urban sprawl of Mexico City expands far south. Then, we focus on morphological and functional transformations that occurred in Periferico Sur and Insurgentes Sur urban corridors. Quantitative data that support an amalgamation of building complexes and land uses is presented, which is strongly related to the tertiary sector. We highlight the contradictions concerning the preservation of cultural built heritage within the region in current days. A first case study deals with Cuicuilco Archaeological Zone and the lack of public investment in its maintenance. Second, we assess the reconversion of an old factory into a shopping mall with support of private investment. Finally, we deal with a group of monumental sculptures that remained abandoned by their owners, but also lack of any kind of official protection by the Mexican institutions, for years.