Siam Square entered a period of downturn In 1996, when the Thai economy was in a state of recession from IMF debt. The nearby construction of the BTS Skytrain at that time also caused traffic jams that drove customers to other shopping districts. To combat this issue, Chulalongkorn University initiated a project of turning Siam Square into a center of technology and development, with many improvements to the area in 1999 and 2000. One such development was relocating the parking lot behind the Lido cinema to the Witthayakit Building, opening up the space for outside companies to invest in developing the area, which became known as "Center Point" and served as a center of recreation for teenagers.