Imbalance between anticipated and actual progress in the development of urban construction projects suggests that there are many obstacles and risks which not only causes the urban management be unsustainable, but the reconstruction and development of urban space is also seriously threatened. In this study, the library research on issues related to the risk of construction projects was done, then some interviews were conducted with experts and managers informed and involved in the projects, and finally questionnaires were distributed to identify and classify the impact of the risks of the implementation of the construction projects. After analyzing the data, the results indicated that the experts listed the most significant risks as the delays in the payment of contractors claims and statements due to the lack of handling financial instruments, the governance of relationships rather than rules in the tenders resulting from employer actions, low commitment to the quality of work provided by their subcontractors, failure to complete the detail engineering by foreign contractors on time, weaknesses in contractors financial resources, and offering lower prices than reasonable by contractors to win the tender. All of these require special attention and other kinds of risks are important at the next level. Finally, the solutions for eliminating or reducing risks in high-risk areas have been offered to provide tranquility for contractors and employers.