Large-scale interventions in historic urban fabrics can address contemporary needs while transforming existing spatial, functional, social, and semantic relationships. Therefore, their evaluation requires simultaneous consideration of physical, functional, social, and semantic dimensions. This study aims to examine the continuity and transformation of these relationships by investigating Mashrouteh Bazaar as a large-scale intervention within the historic urban fabric. The research is applied in purpose and descriptive-analytical in method, adopting a qualitative approach based on a case study. Data were collected through documentary research, examination of maps and records, physical-spatial surveys, field observations, and 30 semi-structured interviews. Interview data were coded and analyzed based on the three main dimensions of the research, while physical-spatial and functional data were examined comparatively. The findings were interpreted across three dimensions: physical-spatial and functional adaptation; identity formation and meaning-making; and socio-spatial justice and social consequences, with reference to the components of the Islamic-Iranian city. The results indicate that Mashrouteh Bazaar has maintained its connection with the access network and the structure of the historic bazaar, while providing capacities to accommodate certain contemporary needs, including vehicular access and goods transportation. However, its spatial organization, semantic experience, and scope of social life differ from those of the historic bazaar. Economic benefits also vary among users, and the complex’s identity is influenced more by its relationship with the historical context than by the formation of an independent identity. Overall, Mashrouteh Bazaar represents neither a complete rupture nor a full continuation of the historic pattern, but rather a case of relative continuity. These findings can inform the evaluation of large-scale interventions by considering their physical, functional, social, and semantic dimensions simultaneously.