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The purpose of this study was to analyze a university innovation case based on the framework of a triple-helix (university-government-industry interaction) model. We looked intensely into the new campus development project at Seoul National University in South Korea initiated to pursue sustainable innovations for higher education institutions. We focused on the role of the university in the campus development processes and how a triple-helix interaction unfolds on the ground. Drivers of innovation, configuration, strategies, and challenges were presented. This study provides valuable insight into how a triple-helix model has unfolded and what concerns there are in practice and it contributes to the theoretical literature and practical discussions of how higher education institutions manage large-scale projects utilizing triple-helix interaction.