Three ways modern (3)
I believe the answer is:
new
'modern' is the definition.
('new' is associated in meaning with 'modern')
'three ways' is the wordplay.
'three ways' can mean three replacements for 'way'.
'way' becomes 'n' (Compass direction - North**).
'way' becomes 'e' (Compass direction - East).
'way' becomes 'w' (Compass direction - West).
'n'+'e'+'w'='NEW'
(Other definitions for new that I've seen before include "Fresh, unused" , "Unfamiliar, restored" , "and 28 and 29: The 365th day" , "Fresh, recent" , "Recently made, etc" .)