Ploschad Petra Velikogo (Peter the Great Square) was previously known as Ploschad Karla Marksa (Karl Marx Square) but was renamed after a monument to Lipetsk's founder was established here in 1996. The monument to Peter the Great was unveiled as part of the celebrations of the 300th anniversary of the Russian Navy, which was established by Peter the Great. It depicts the emperor confidently striding atop a naval themed pedestal.