More than a century after Riegl took the first steps in the theory of value that characterised the 20th century, conservation is now being challenged from the perspective of understanding heritage intervention projects. Critical transformation of heritage, based on knowledge, modifies the characteristics of what is of value, its significance and its materiality. This work process deals with questions related to citizens’ perceptions, where consensus is sought to agree on what has value in a heritage context and how intervention projects affect this consideration. This article represents a revision of heritage methodology insofar as it establishes a contemporary dialogue between architectural practice and heritage studies through the identification and management of cultural values. It takes as a case study the Trinity College in Coimbra, by Aires Mateus. This work is framed within the declaration of the University of Coimbra as a UNESCO World Heritage Site. This methodology can be extrapolated to other case studies, providing a necessary framework for understanding design action in different heritage contexts. This research attempts to equate the heritage asset’s initial values with those generated or activated after the intervention, highlighting the recognition of these values as a key objective of heritage studies and design action.