Transvaal Park was developed by the architectural company Sergey Kiselev and Partners, under architect Nodar Kancheli.

[1] The project's client was the company European Technologies and Service, which secured a loan of $17.3 million[clarification needed] from Sberbank.

[2] Initially, there were plans to engage European builders, but due to difficulties in obtaining the necessary licenses and the absence of required Russian standards at that time, the Turkish company Koçak İnşaat Ltd. agreed to build the water park and partially finance the construction.

Two years later, on 23 February 2006, at 09:30 am, the roof of the Basmanny market, also designed by Kancheli, collapsed, killing 66 people.

[9] An investigation was launched[clarification needed], lasting about twenty months, and resulting in the criminal prosecution of Kancheli and the head of the Moscow State Non-Departmental Expertise, Anatoly Voronin.

[14][15][16] In 2013, the multipurpose complex Moreon was opened on the site of the former water park, and a chapel commemorating the tragedy was established on its premises.