This article explores the complex connections between gentrification, heritage and othering in Amsterdam Oost, a district shaped by intertwined (post)colonial and (post)migrant histories. It does so by examining two temporary heritage-making initiatives coordinated by the nearby ethnographic Tropenmuseum to celebrate the rich immigration history of the area. Building on the notion of ‘gentrification consciousness’ (Sze, 2010), we draw attention to the ambivalent position of the museum towards gentrification in Amsterdam Oost, and how this ambivalence may contribute to the unfolding of neoliberal urban redevelopment in the area. The projects at the centre of our analysis promote a positive and edifying representation of local diversity as an asset to be protected, celebrated, and valorized; yet they also mobilize problematic colonial tropes that are instrumental in transforming the area into a space of aestheticized multicultural urbanity attractive to a Dutch middle class with an increasingly cosmopolitan outlook. While scholarship on heritage-led gentrification and cosmopolitan urbanism has amply discussed how local governments, developers and newcomers alike strategically mobilize ethnic heritage discourses and practices to trigger or sustain gentrification, our study reveals heritage institutions as emergent subjectivities in neoliberal urban politics and problematizes their growing imbrication within processes of gentrification.