Method for Assessment of the Historical Urban Landscape

Procedia Engineering 161 ( 2016 ) 1697 – 1703

1877-7058 © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the organizing committee of WMCAUS 2016 doi: 10.1016/j.proeng.2016.08.648

ScienceDirect

:RUOG0XOWLGLVFLSOLQDU\&LYLO(QJLQHHULQJ$UFKLWHFWXUH8UEDQ3ODQQLQJ6\PSRVLXP

:0&$86

0HWKRGIRU$VVHVVPHQWRIWKH+LVWRULFDO8UEDQ/DQGVFDSH

.D\D7DQULYHUGL$\VHJXO

a _{Duzce University Faculty of Forestry, Department of Landscape Architecture, Duzce-Turkey}

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¶VKLVWRULFDOXUEDQODQGVFDSHE\XVLQJVXUYH\PHWKRGVDQGUHPRWHVHQVLQJWRDVVHVVWKHODQGVFDSH FKDUDFWHUH[FKDQJHEHWZHHQWKH\HDUVDQG ‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKHRUJDQL]LQJFRPPLWWHHRI:0&$86 Keywords:KLVWRULFDOXUEDQODQGVFDSHODQGVFDSHFKDUDFWHUODQGVFDSHPHWULFV.RQXUDOS ,QWURGXFWLRQ

$KLVWRULFXUEDQODQGVFDSHLVGHILQHGE\81(6&2DV³the urban area understood as a result of a historic layering of

cultural and natural values and attributes, extending beyond the notion of historic centre or ensemble to include the broader urban context and setting´7KHXUEDQODQGVFDSHLVDGLVWLQFWLYHIHDWXUHRIHYHU\FLW\WKHYDOXHVRIZKLFK PXVWEHSUHVHUYHGDQGHQKDQFHGWKURXJKSROLFLHVDQGSXEOLFSDUWLFLSDWLRQ>@$IWHUWKHLQGXVWULDOUHYROXWLRQGXHWR





&RUUHVSRQGLQJDXWKRU7HO

E-mail address:D\VHJXOND\D#GX]FHHGXWU

© 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

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KDYHUHVXOWHGLQWKH9LHQQD0HPRUDQGXP7KH81(6&2UHFRPPHQGDWLRQLQ DERXWWKHKLVWRULFXUEDQODQGVFDSHLVWKHSHDNSRLQWIRUWKHFRQVHUYDWLRQDSSURDFK

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hVNELVWKHVLWHRIWKHDQFLHQWFLW\RI3UXVLDVDG +\SLXP,WLVORFDWHGLQWKH%ODFN6HD5HJLRQRI7XUNH\NPQRUWKRIWKHSURYLQFLDOFDSLWDORI']FH7KHILUVW NQRZQLQIRUPDWLRQDERXWWKHDQFLHQWFLW\JRHVEDFNWRWKHUGFHQWXU\%&>@6RPHUHVHDUFKHUVKDYHPHQWLRQHG +HUDFOHVDVWKHP\WKRORJLFDOIRXQGHURIWKHFLW\2QRQHRIWKHFRLQVIRXQGLQWKHDUHDWKHUHLVDVWDQGLQJILJXUHRI +HUDFOHVZLWKD*UHHNLQVFULSWLRQVWDWLQJ³)RXQGHURI3UXVLDV´7KDW3UXVLDVDG+\SLXPZDVDFRORQLDOFLW\FRQQHFWHG WR+HUDFOHLDZDVGRFXPHQWHGE\WKHKLVWRULDQ0HPQRQ$IWHUWKHVHFRQGKDOIRIWKHUGFHQWXU\$'KRZHYHUWKH

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]FH3URYLQFHNP_{LVORFDWHGEHWZHHQ¶¶1DQG¶±¶(LQWKH:HVWHUQ%ODFN} 6HD5HJLRQRI7XUNH\)LJ.RQXUDOSZDVUHFHQWO\LQFRUSRUDWHGLQWRWKH&HQWUDO'LVWULFWRIWKHSURYLQFLDOFDSLWDO RI']FH7KHQHLJKERXUKRRGVHWWOHPHQWVRI.HPDO,úÕOGDN+VH\LQ.ÕO%D\UDP*|NPHQ7HU]LDOLOHUdLIWHSÕQDUODU 2UKDQJD]LDQG0XUDW'HPLUORFDWHGZLWKLQ.RQXUDOSFRQVWLWXWHGWKHPDLQVWXG\DUHDRINP_ 0HWKRG

&KDQJHV LQ WKH ODQGVFDSH FKDUDFWHULVWLFV RI WKH VHYHQ QHLJKERXUKRRGV EHWZHHQ  DQG  ZHUH GHWHFWHG DQG H[DPLQHGEDVHGRQWKHPDWHULDOOLVWZKLFKFDQEHVHHQLQ7DEOH&KDQJHVRIVHWWOHPHQWJUHHQDUHDVDQGURDGVZHUH GHWHUPLQHGE\GLJLWL]LQJWKHPYLD$UF*,6VRIWZDUH7KH\HDURIGDWD¶VZKLFKZHUHREWDLQHGIURPVDWHOOLWH LPDJHVZHUHXSGDWHGYLDILHOGVXUYH\VWXGLHV/DQGVHWWOHPHQWPDSVZHUHJHQHUDWHGIURPWKHGDWDLQWKHWDEOHXQGHU WKHFDWHJRULHVRIVHWWOHPHQWWUDGHLQGXVWU\FKLFNHQIDUPVURDGVDQGJUHHQDUHDVKD]HOQXWJURYHVIDUPVSRSODU ZRRGVWDQGVULFHSDGGLHVZRRGODQGV7KHSDWFKVHHQDVWKHVPDOOHVWXQLWSRVVLEOHWRPDSZDVUHJDUGHGDVWKHNH\ HOHPHQW 5HVHDUFK DUHDV ZLWK WKH VDPH FKDUDFWHULVWLFV ZHUH GLJLWL]HG ZLWK WKH KHOS RI SRO\JRQV 7KH SRO\JRQ UHSUHVHQWLQJWKHVPDOOHVWXQLWZDVGHILQHGDVDSDWFK



7DEOH'DWDVHWVXVHGWRGHILQHWKHODQGVFDSHFKDUDFWHUW\SHV

6FDOH <HDU 0DWHULDO4XDOLW\ /D\RXW

  3KRWRPHWULF0DS *D   3KRWRPHWULF0DS *D   4XLFNELUG2UWKRUHDG\UHVROXWLRQFPEDQGELW *D   *(2UWKRUHDG\UHVROXWLRQFPEDQGELW *D   3/±3133OHLDGHVUHVROXWLRQFPEDQGELW *D  &KDQJHVLQODQGVFDSHFKDUDFWHURIWKHVWXG\DUHDEHWZHHQDQGZHUHUHSUHVHQWHGLQPDSVEDVHGRQWKHVWXG\ RI(HWYHOGHDQG$QWURS>@6HWWOHPHQWVURDGVDQGJUHHQDUHDVZHUHPDSSHGWKHPDWLFDOO\E\XVLQJWKH$UF *,6VRIWZDUH$VVKRZQLQ7DEOHEDVHGRQWKHSDWFKHVODQGVFDSHPHWULFVZHUHGHWHUPLQHGIRUHDFKWLPHSHULRG DFFRUGLQJWRWKHQXPEHURISDWFKHVSURSRUWLRQRIW\SHVPHDQSDWFKDUHDDQGSDWFKGHQVLW\FDOFXODWHGSHUWKHGLIIHUHQW ODQGVFDSHFKDUDFWHUW\SHV7KHQXPEHURISDWFKHVJLYHVDQLQGLFDWLRQRIWKHIUDJPHQWDWLRQRIWKHDUHD>@     7DEOH/DQGVFDSHPHWULFVDVH[SHFWHGLQGLFDWRUVRIODQGVFDSHFKDUDFWHU>@

$FURQ\P /DQGVFDSH0HWULFV ,QGLFDWRUIRUODQGVFDSHFKDUDFWHU

3/&7 3URSRUWLRQRIODQGVFDSHFKDUDFWHU W\SH 'RPLQDQFHRIFKDUDFWHUW\SHVGLYHUVLW\W\SHVWKDWEHFRPHH[FHSWLRQDO 13 1XPEHURISDWFKHV _{'HJUHHRIVSDWLDOIUDJPHQWDWLRQRIFKDUDFWHUW\SHRUODQGVFDSHFRPSOH[LW\} $5($01 0HDQSDWFKDUHD _{*HRPHWULFFRPSOH[LW\YDULDWLRQODQGVFDSHVFDOH} ' 3DWFKGHQVLW\ _{VL]HRIODQGVFDSHHOHPHQWV} 5HVXOWVDQG'LVFXVVLRQ

$IWHUGHWHFWLRQRIWKHFKDQJHVE\XVLQJ$UF*ÕVVRIWZDUHZHUHREWDLQHGWKHµ6HWWOHPHQW¶µGreen Areas¶DQGµRoads¶ WKHPDWLFPDSVDQGUHOHYDQWDWWULEXWHWDEOHVRIODQGVFDSHFKDUDFWHUVRIWKHUHVHDUFKDUHDEHWZHHQDQG7KH WDEOHVZHUHVFUXWLQL]HGDQGLQWHUSUHWHGE\PHDQVRIWKHODQGVFDSHFKDUDFWHUFKDQJHV+VH\LQ.ÕOQHLJKERXUKRRGKDG JUHHQDUHDVRIWKHDUHDFRQVLVWHGLQWKLVUDWHZLWKGUHZWRLQZKLFKZHUHFRQVLVWRISDWFKHV 7DEOH7KHQXPEHURIVHWWOHPHQWSDWFKHVZHUHLQDQGWKHPHDQSDWFKDUHDZDVNP_{WKHUDWHRI} ODQGVFDSHFKDUDFWHUW\SHRIVHWWOHPHQWVKDGUHDFKHGWR:LWKWKHLQFUHPHQWRIWKHODQGVHWWOHPHQWVWKHQXPEHU RIIUDJPHQWHGSDWFKHVKDVDOVRLQFUHDVHGÕQJUHHQDUHDVEXWWKHVL]HRIWKHPKDVGHFUHDVHG7KHUDWHRIWKHODQGVFDSH FKDUDFWHUW\SHRIODQGVHWWOHPHQWVZDVLQ7DEOH2UKDQJD]LDQG0XUDW'HPLUQHLJKERXUKRRGVKDGORZ VHWWOHPHQWODQGVFDSHFKDUDFWHUW\SHDQGJUHHQDUHDVZHUHGRPLQDQWLQQHLJKERXUKRRGLQ%XWWKHQXPEHURIWKH ODQGVHWWOHPHQWSDWFKHVDQGVHWWOHPHQWODQGVFDSHFKDUDFWHUW\SHLQFUHDVHGGUDPDWLFDOO\LQ/DQGVHWWOHPHQWV ZKLFK FRQVLVW RI VPDOO VFDWWHUHG SDWFKHV LQ UHFHQW \HDUV KDYH IRUPHG ELJJHU SDWFKHV E\ H[SDQGLQJ  *UHHQ DUHDV ODQGVFDSHFKDUDFWHUUDWHZDVZLWKGUDZLQJWRLQ2UKDQJD]LLQ0XUDW'HPLUQHLJKERXUKRRGV7DEOH 7DEOH5DWHVRIWKHFKDQJHRIWKHODQGVFDSHFKDUDFWHUW\SHVEHWZHHQ /DQGVFDSH&KDUDFWHU7\SH*UHHQ$UHDV /DQGVFDSH&KDUDFWHU7\SH6HWWOHPHQW 'LVWULFW <HDU 'LVWULFW $UHD NP 3DWFK 'HQVLW\  0HDQ 3DWFK $UHD NP_ 1XPEHU RI 3DWFKHV /DQGVFDSH &KDUDFWHU 7\SH 3DWFK 'HQVLW\  0HDQ 3DWFK $UHD NP_ 1XPEHU RI 3DWFKHV /DQGVFDSH &KDUDFWHU 7\SH .,úÕOGDN          0'HPLU          2UKDQJD]L          %*|NPHQ          7HU]LDOLOHU          dLIWHSÕQDUODU          +.ÕO          .,úÕOGDN          0'HPLU          2UKDQJD]L          %*|NPHQ          7HU]LDOLOHU          dLIWHSÕQDUODU          +.ÕO          .,úÕOGDN          0'HPLU          2UKDQJD]L          %*|NPHQ          7HU]LDOLOHU          dLIWHSÕQDUODU          +.ÕO          .,úÕOGDN          0'HPLU          2UKDQJD]L          %*|NPHQ          7HU]LDOLOHU          dLIWHSÕQDUODU          +.ÕO           .HPDO,úÕOGDNQHLJKERXUKRRGVHWWOHPHQWODQGVFDSHFKDUDFWHUW\SHZDVJUHHQDUHDVZHUHSDWFKHVDQGODQGVFDSH FKDUDFWHUW\SHZDVLQDQGGHFUHDVHGWRLQ7KHUHZDVQRWDQ\LQFUHPHQWLQODQGVHWWOHPHQWVLQ .HPDO ,úÕOGDN QHLJKERXUKRRG EHWZHHQ  DQG  %D\UDP *|NPHQ QHLJKERXUKRRG KDG  SDWFKHV DQG   ODQGVFDSHFKDUDFWHUW\SHLQWKHODQGVHWWOHPHQWVLQJUHHQDUHDVKDGSDWFKHVZLWKODQGVFDSHFKDUDFWHU W\SH+RZHYHULQWKHQXPEHURIWKHSDWFKHVDUHDQGWKHPHDQSDWFKDUHDLVNP_{/DQGVHWWOHPHQWV} ZKLFKFRQVLVWRIVPDOOVFDWWHUHGSDWFKHVLQUHFHQW\HDUVKDYHIRUPHGELJJHUSDWFKHVE\H[SDQGLQJ7KHUHDUH SDWFKHVDQGWKHUDWHRIWKHODQGVFDSHFKDUDFWHUW\SHLVLQJUHHQDUHDVLQ7HU]LDOLOHUQHLJKERXUKRRGKDG SDWFKHVDQGODQGVFDSHFKDUDFWHUW\SHLQWKHODQGVHWWOHPHQWVIURPWR 

)URPWRODQGVFDSHFKDUDFWHUW\SHRIJUHHQDUHDVKDYHEHHQEXWJUHHQODQGSDWFKHVKDYHEHHQLQFUHDVHG WRLWHPDQGPHDQSDWFKDUHDRIWKRVHJUHHQODQGSDWFKHVZHUHVPDOOHUIURPNP_WRNP_ 7KHLQFUHPHQWRIQXPEHURIWKHSDWFKHVDQGGHFUHDVHRIWKHPHDQSDWFKDUHDVKRZVWKHIUDJPHQWDWLRQRIWKHJUHHQ DUHDVdLIWHSÕQDUODUQHLJKERXUKRRGKDGSDWFKHVDQGODQGVFDSHFKDUDFWHUW\SHLQWKHODQGVHWWOHPHQWVLQ %XWWKHUHZDVVHHQDGHFUHDVHRIODQGVFDSHFKDUDFWHURIODQGVHWWOHPHQWLQWKHQÕWZDVVKRZHGLQFUHPHQWLQ $VVXPHGWKDWGXHWRLQFUHPHQWRIWKHURDGVOHQJWKZDVFDXVHGWKHLQFUHPHQWRIWKHJUHHQDUHDVDQGVHWWOHPHQW SDWFKHV¶QXPEHU)LJ )URPWRODQGVFDSHFKDUDFWHUW\SHRIJUHHQDUHDVZDVQ¶WFKDQJHEXWODQGVFDSHFKDUDFWHUW\SHLQWKHODQGRI VHWWOHPHQWZDVGHFUHDVHGIURPWR7DEOH:KHQWKHFKDQJHVRIWKHURDGVOHQJWKH[DPLQHGZDVVHHQ WKDWWKHUHZDVDSDUDOOHOLQFUHDVHZLWKWKHVHWWOHPHQWJURZWKLQ0XUDW'HPLUDQG2UKDQJD]LQHLJKERXUKRRGVEXWVHHQ DGUDPDWLFLQFUHDVHDOVRLQ+VH\LQ.ÕOQHLJKERXUKRRGWKDWKDVGRPLQDQWODQGVFDSHFKDUDFWHUW\SHZDVJUHHQDUHDV ZKLFKLQFOXGHVWKHDJULFXOWXUDOODQGV)LJ   )LJXUH*UDSKLFRIFKDQJHRIWKHURDGV &RQFOXVLRQ 7KLVVWXG\H[DPLQHGVHYHQQHLJKERXUKRRGVRIWKHDQFLHQW+HOOHQLVWLFFLW\.RQXUDOSLQWHUPVRIWKHFKDQJHVLQWKH KLVWRULFXUEDQODQGVFDSHRYHUWKHWLPHSHULRGEHWZHHQDQG$FFRUGLQJWRWKHUHVHDUFKUHVXOWVWKHQXPEHU RI JUHHQ DUHD SDWFKHV KDG LQFUHDVHG EHFDXVH WKH\ ZHUH IUDJPHQWHG ZKLOH WKH WRWDO H[WHQW RI WKH JUHHQ DUHDV KDG GHFUHDVHG0RUHRYHUWKHPHDQSDWFKDUHDZDVVPDOOHUDQGWKHUDWHRIODQGVHWWOHPHQWKDGLQFUHDVHG,QSDUDOOHOZLWK WKLVLQFUHPHQWWKHOHQJWKRIWKHURDGVKDGDOVRLQFUHDVHGE\)LJ7KH7HU]LDOLOHUQHLJKERXUKRRGZDVVKRZQ WRH[KLELWODQGVFDSHFRQVWDQF\7KURXJKDVVHVVPHQWRIWKHVWUHHWSDWWHUQVDQGEXÕOGLQJORWVLWZDVFRQFOXGHGWKDWWKH KLVWRULFFKDUDFWHURIWKHQHLJKERXUKRRGKDVEHHQSUHVHUYHGRYHUWKH\HDUV 7KHdLIWHSÕQDUODUDQG+VH\LQ.ÕOQHLJKERXUKRRGVZHUHDOVRVHHQWRKDYHSUHVHUYHGKLVWRULFDOEDVHVKRZHYHUWKH\ DUHYXOQHUDEOHWRWKHFKDOOHQJHVRIODQGVSHFXODWLRQ6LQFHWKH2UKDQJD]LDQG0XUDW'HPLUQHLJKERXUKRRGV KDYHEHHQSRSXODUVHWWOHPHQWDUHDVGXHWRWKHLUSUR[LPLW\WRWKH']FH8QLYHUVLW\FDPSXV)LJV 7KH.HPDO,úÕOGDNDQG%D\UDP*|NPHQQHLJKERXUKRRGVKDYHDOVRH[SHULHQFHGDVWHDG\LQFUHDVHRIVHWWOHPHQWVDORQJ WKHWKRURXJKIDUHV([FHSWIRUWKH7HU]LDOLOHUQHLJKERXUKRRGWKHUDWHRIJUHHQDUHDVUHPDLQVGRPLQDQWHYHQWKRXJK WKLVUDWHLVGHFUHDVLQJVWHDGLO\)LJ 7KLVVKRZVWKDWWKHQHLJKERXUKRRGVKDYHWKHIHDWXUHVRIDUXUDODUHDDQGWKDWJUHHQDUHDVKDYHDUROHLQGHILQLQJWKH FKDUDFWHUDQGLPDJHRIWKHFLW\+RZHYHUXUEDQL]DWLRQLVSURFHHGLQJWKURXJKRXW.RQXUDOSDQGGULYLQJVHWWOHPHQW JURZWKDQGIUDJPHQWDWLRQRIXUEDQODQGERWKRIZKLFKIUHTXHQWO\UHVXOWLQGUDVWLFFKDQJHVLQWKHVXUURXQGLQJKLVWRULFDO XUEDQODQGVFDSH          

.,úÕOGDN +.ÕO %*|NPHQ 2UKDQJD]L 0'HPLU dLIWHSÕQDUODU 7HU]LDOLOHU

NP

7KH&KDQJHRI7KH5RDGV



        )LJXUH*UDSKLFRIFKDQJHRIWKHVHWWOHPHQWDUHDVEHWZHHQ   )LJXUH*UDSKLFRIFKDQJHRIWKHJUHHQDUHDVEHWZHHQ $FNQRZOHGJHPHQWV 7KLVSURMHFWLVVXSSRUWHGE\']FH8QLYHUVLW\5HVHDUFK)XQG3URMHFW1XPEHU 5HIHUHQFHV >@%DQGHULQ)2HUV957KH+LVWRULF8UEDQ/DQGVFDSHPDQDJLQJKHULWDJHLQDQXUEDQFHQWXU\:LOH\%ODFNZHOO

>@ 0LWFKHOO 1 5|VVOHU 0 7ULFDXG :RUOG +HULWDJH &XOWXUDO /DQGVFDSHV $ +DQGERRN IRU FRQVHUYDWLRQ DQG PDQDJHPHQW 81(6&2  KWWSZKFXQHVFRRUJ >@*|N\HU(8QGHUVWDQGLQJODQGVFDSHVWUXFWXUHXVLQJODQGVFDSHPHWULFV(G0XUDWg]\DYX]$GYDQFHVLQ/DQGVFDSH$UFKLWHFWXUH-XO\ ,QWHFK,6%1 >@$QWURS0:K\/DQGVFDSHVRIWKHSDVWDUHLPSRUWDQWIRUWKHIXWXUH/DQGVFDSHDQG8UEDQ3ODQQLQJS >@(HWYHOGH99$QWURS0,QGLFDWRUVIRUDVVHVVLQJFKDQJLQJODQGVFDSHFKDUDFWHURIFXOWXUDOODQGVFDSHLQ)ODQGHUV%HOJLXP/DQG8VH3ROLF\ S >@7XGRU&$Q$SSURDFKWR/DQGVFDSH&KDUDFWHU$VVHVVPHQW1DWXUDO(QJODQG KWWSVZZZJRYXNJRYHUQPHQWXSORDGVV\VWHPXSORDGVDWWDFKPHQWBGDWDILOHODQGVFDSHFKDUDFWHUDVVHVVPHQWSGI >@g]O=$QDQFLHQW2WWRPDQFLW\LQWKHZHVWHUQ%ODFN6HD3UXVLDVDG+\SLXP,WDOLNSUHVVøVWDQEXO,Q7XUNLVK >@=H\UHN7dHOLN*3UXVLDVDG+\SLXP.LHURV(JH3UHVVøVWDQEXO,Q7XUNLVK       

.,úÕOGDN +.ÕO %*|NPHQ 2UKDQJD]L 0'HPLU dLIWHSÕQDUODU 7HU]LDOLOHU

 7KH&KDQJHRIWKH*UHHQ$UHDV           

.,úÕOGDN +.ÕO %*|NPHQ 2UKDQJD]L 0'HPLU dLIWHSÕQDUODU 7HU]LDOLOHU



7KH&KDQJHRIWKH6HWWOHPHQW$UHDV