This paper aims to providing a new model able to define the steps and the framework for the strategic management of the Intellectual Capital for the city’s sustainable development and value creation dynamics according to the interpretative key of the collective intelligence notion. Then, it is introduced the case of the city of Matera as relevant urban context strongly involved in a process of development and of strategic planning centred and based on the effective identification and exploitation of the IC in terms of collective intelligence. Framed in the fourth stage of IC research and adopting the collective intelligence approach, first, a conceptual framework for the city’s strategic planning harnessing the power of knowledge assets and IC, collectively created by the engagement of multiple stakeholders inside the city community is introduced and discussed. Then, the framework is shortly experimented through an application to the City of Matera, in Italy, recently awarded of the title “European Capital of Culture 2019”. The originality of the paper resides in bringing together issues usually dealt with separate literature domains, such as urban studies and regional economics, intellectual capital strategic management and collective intelligence streams, seeking to offer a significant contribution to the scholarly debates and a platform for a critical reflection for the elaboration and the application of the urban policies. Due to the innovativeness and exploratory nature of the study and related assumptions and modelling, future research needs to further test their applications as strategic tools to be used more-in-depth by the city of Matera as well as by other cities, as well to re-frame it according to the insights and impacts derived from the practical actions delivered by the decision-makers of the cities.