As urbanization intensifies, the challenge of preserving industrial heritage while fostering authentic intergenerational connections has become increasingly salient. This study investigates how artificial intelligence (AI) and augmented reality (AR) technologies can be applied to enhance authenticity and promote both hedonic and eudaimonic well-being within the context of heritage tourism. Using a facility in Shanghai as a case study, we propose a cultural co-creation mechanism that transforms implicit intergenerational memories into shared cultural resources through digital interaction. The study first evaluates public awareness and participation needs in the context of industrial heritage revitalization. In response, we design an immersive platform that enables visitors of different generations to co-create meaning through historical scene reconstruction, multisensory engagement, and collaborative storytelling. A novel five-sense encoding strategy is introduced to reinterpret the enclosed spatial characteristics of industrial architecture as an experiential form of storytelling. This process fosters a deeper connection to place, contributing to authenticity and well-being. Prototype testing results suggest that this AI-AR-enabled co-creation system supports meaningful cultural attachment, improves authenticity, and facilitates the sustainable transmission of heritage. This research provides a replicable model for integrating digital technology, community participation, and authenticity in the well-being-oriented revitalization of industrial heritage sites.