The reconstruction of the Izhevsk Reservoir Embankment began in 2007. The land around Gunsmith Square (Ploshchad Oruzheinikov) and the Southern Embankment has been developed and the Mikhailov Column has been erected at a historical site.
The second stage of reconstruction, carried out in 2008, involved the area around the Forever with Russia monument and the broadening of the stretch of the southern embankment from Proyezd Deryabina to the Municipal Unitary Enterprise Pristan. The third stage will involve the eastern embankment located in the Oktyabrsky District of Izhevsk, the most important part of downtown Izhevsk. The eastern part of the embankment began to be developed in the XIX century.
A total area of 11.7 hectares on the embankment will be redeveloped, asphalt roads will be laid on an area of 18,630 square metres, the asphalt-concrete sidewalks will cover an area of 637 square metres, tiles will cover an area of 18,529.8 square metres, bicycle lanes will occupy 3,860 square metres and greenery an area of 32,000 square metres.
The estimated cost of the first phase of the third stage of the Izhevsk Reservoir Embankment is 586 million roubles.