This article examines the architectural stratification and spatial relationships within a selected urban fragment of Yerevan by analyzing two photographs. It focuses on three major architectural layers: 19th-century traditional vernacular dwellings, monumental and modernist architecture of the Soviet period, and contemporary high-rise developments of the 21st century, increasingly influenced by global capital and market-driven urban development. Together, these layers provide a visual basis for considering how Yerevan’s built environment relates to broader historical, political, and socio-economic transformations in Armenia. Through visual analysis and spatial theory, the study explores the spatial dissonance and architectural eclecticism that emerge from the coexistence of these different periods. Rather than viewing this heterogeneity as a consequence of fragmented urban planning, the article considers whether the spatial relationships visible in the selected urban fragment may be interpreted as an expression of the city’s evolving architectural condition. Drawing on Edward Soja’s concept of Thirdspace, the study examines how historical memory, everyday experience, and contemporary development intersect within the city’s physical landscape. It also addresses the growing tension between market-driven transformation and the preservation of architectural and cultural heritage. In relation to United Nations Sustainable Development Goal 11, Target 11.4, the article argues for a more balanced approach to urban development—one that recognizes Yerevan’s layered architectural memory as a valuable cultural resource while allowing economic development, ecological responsibility, and the continued evolution of the city.