The name of the neighborhood originates from the towering monument inside of Victory Park, which can be seen throughout large parts of Yerevan.

During the rule of presidents Kocharyan and Sargsyan however, parts of these green areas were privatized under problematic circumstances for the construction of hotels and mansions.

In 2014 the city even walled off a large portion of the green space where all of the land had been privatized and mansions were in various states of construction.

[3] In late 2020 Monument neighborhood saw the installation of a large new Ferris wheel, called Satan's Wheel, which the city authorities declared was installed illegally.

This article about a location in Yerevan Province, Armenia is a stub.