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What is the meaning of heritage in the Armenian capital city? This notion is mostly associated with the neo-Armenian style of architecture, which expanded during the Soviet period. This paper presents the genesis, the past celebration, and the present promotion of this architecture. The urban plan of 1924 laid the foundations of a modernity rooted in a glorified national past. This paper analyzes the evolution of the post-Soviet capital city after independence. This evolution has been marked by privatization, speculation, urban renewal, and “decommunization.” Neo-Armenian architecture presently enjoys high values on the residential real estate market.