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Smart cities have been recently pointed out by M2M experts as an emerging market with enormous potential, which is expected to drive the digital economy forward in the coming years. However, most of the current city and urban developments are based on vertical ICT solutions leading to an unsustainable sea of systems and market islands. In this work we discuss how the recent vision of the Future Internet (FI), and its particular components, Internet of Things (IoT) and Internet of Services (IoS), can become building blocks to progress towards a unified urban-scale ICT platform transforming a Smart City into an open innovation platform. Moreover, we present some results of generic implementations based on the ITU-T’s Ubiquitous Sensor Network (USN) model. The referenced platform model fulfills basic principles of open, federated and trusted platforms (FOTs) at two different levels: the infrastructure level (IoT to support the complexity of heterogeneous sensors deployed in urban spaces), and at the service level (IoS as a suit of open and standardized enablers to facilitate the composition of interoperable smart city services). We also discuss the need of infrastructures at the European level for a realistic large-scale experimentally-driven research, and present main principles of the unique-in-the-world experimental test facility under development within the SmartSantander EU project.