The office of the municipal People's Committee, citing vice chairman Duong Duc Tuan, on Tuesday said Hanoi agrees with renovating the space at the Dong Kinh Nghia Thuc square in Hoan Kiem District, including the demolition of the "Shark Jaw" building.
The building was constructed between 1991 and 1993. It has six floors, with four of them being restaurants and cafes.
Following the demolition, there would be a new underground space with three underground floors acting as malls and parking lots. The entrances would be located near Dinh Liet Street.
The city has requested units to look into making changes to several buildings and houses in the area.
Hoan Kiem District has been tasked with creating an urban design project for the Hoan Kiem Lake and Old Quarter area, especially the Dong Kinh Nghia Thuc square.
Besides the renovation of the square, Hanoi is also considering to expand public spaces in the east side of the lake.