*2.3. Formulating Strategic Options for the Regeneration of the Historic City Centers*

Contemporary urban governance and planning considers the visions of development and strategies formulated with the involvement of main stakeholders in the context of understanding market operations, beside classical formal urban plans, land use and regulatory instruments.

In cases of historic urban quarters, Tiesdell, Oc, and Heath [18] argue that the economic problems of historic urban quarters are related to the topics of attracting private investment and encouraging dynamic growth. This is exactly why revitalizing historic urban quarters comprises strategies for the renewal of the physical fabric and the active economic utilization of buildings in historic city centres.

Thus, different aspects of revitalization can be recognized concerning the aspects of sustainability, which, according to Tiesdell, Oc, and Heath can be defined as [18]:


After thorough analyses of the level of obsolescence of buildings and areas of historic city centres, and according to the needs of contemporary needs, standards and trends, the improvement and the quality of the physical fabric may be realized through the following modes of renewal [18]:


Furthermore, for various levels of different obsolescence, distinctive types of strategic interventions of economic activity can be recognized to ensure revitalization in the long term [18,19,27]:


Based on the identification of the contextual characteristics of the historic city centers and the thorough analyses regarding the levels of different types of obsolescence described previously, the relevant different strategic options for the revitalization of historic centers can be recognized. According to Doratli [19], we can distinguish three different strategic options regarding the level of obsolescence and the development dynamics:

	- *Governance and policy response of the public authorities* aims to create favorable conditions regarding the provision of infrastructure and public spaces, while the restoration and refurbishment of the old buildings should be encouraged in terms of physical revitalization, coupled with economic revitalization if the area in question is still attractive;
	- *Governance and policy response of the public authorities* means that, besides the physical revitalization, existing land uses should be combined with new ones, used for rebranding and increasing the attractiveness of the area. Functional diversification of land uses and activities should be the right strategic alternative regarding economic revitalization;
	- *Governance and policy response of the public authorities*is to initiate a suitable long-term economic functional restructuring strategy, coupled with capital investments for physical revitalization related to infrastructure and open spaces in order to improve the image and public realm and build confidence in the historic area.

Finally, based on the identification of the contextual characteristics regarding the level of different types of obsolescence of historic city centers, we have to underline that economic, social and physical revitalization have to be considered as complementary in order to achieve a successful and sustainable revitalization of historic urban quarters irrespective of the different strategic options chosen.
