In 2005 Armenian Government made a decision to build a little Old Yerevan corner in the center of capital, but the project is still only on paper. According to the plan, in capital's heart, not far from the Republic Square, should be reconstructed a little historical and cultural center of old Yerevan. The total site for the historical development is about 2.0 hectares, which is delineated in rectangular area (300m x68m) by Arami, Abovyan, Buzand and Koghbatsi streets. Over the past years, many historical buildings in Yerevan were dismantled with future purpose to restore them in "Old Yerevan" project.

The chief designer of the project architect Levon Vardanyan (LV Architect) during his interview to news agency Regnum said that the construction work will start at an early date. The project will include historical and cultural buildings built in XIX and early XX centuries and dismantled recently. The 20 relocated historical buildings will accommodate cafes and restaurants, shops, showrooms, specialized art galleries and museums, as well as small hotel becoming an active part of modern urban life.

According to news-portal Panorama, the head of department of Monuments Protection of the Ministry of Culture RA Karo Ayvazyan, said, that the numbered stones from dismantled historical buildings are in storages of 5 private companies. As he said, 15 percent of the stones are in very poor condition, and 10 percent can be used after some restoration work.