It was reformed out of the historical Berestiv royal estate (Kniazhe selo) that was adjacent to the Kyiv Golden Gates (Zoloti Vorota).

Lypky is also notable for its consistent and distinctive Soviet architecture, purposely designed as an elite quarter of government buildings and highest statesman's residence.

Around the burial was created the Askold Grave Park and was built a wooden church that later was reconstructed into the brick one designed by Andriy Ivanovych Melensky.

There are large residential, industrial, healthcare and military areas in the district, as well as a few picturesque parks and sports venues like the Lobanovsky Dynamo Stadium.

The famous Art Nouveau House with Chimaeras and gigantic statue of Mother Motherland are also located in the Pecherskyi District (Lypky and Zvirynets respectively).

The few large industrial companies located in the district are considering moving elsewhere, pocketing a significant profit from the real estate they hold from the times of Soviet Ukraine (see Kyiv Arsenal factory).