In 1992, the Moscow government began planning a projected new part of central Moscow, the Moscow International Business Center, with the goal of creating a zone, the first in Russia, and in all of Eastern Europe, that will combine business activity, living space and entertainment. Situated in Presnensky District and located at the Third Ring, the Moscow City area is under intense development. The construction of the MIBC takes place on the Krasnopresnenskaya embankment. The whole project takes up to . The area is the only spot in downtown Moscow that can accommodate a project of this magnitude. Today, most of the buildings there are old factories and industrial complexes.