Russian football club FC Dynamo Moscow will be given a new home once the VTB Arena is completed in 2016, with the stadium being created as part of a progressive VTB Arena Park project in the Russian capital.

Designed by Manica Architecture, the 33,000-capacity stadium is part of an overall US$1.5bn (€1.1bn, £884m) development to create a leading sporting venue alongside an expansive leisure area five miles from the city’s centre.

The VTB Arena is being built on the site of the legendary Dynamo Stadium, with an indoor arena holding a capacity of 12,000 people also slated for the project.

The Arena Park development is being led by VTB Bank, which is predominantly owned by the Russian government – with the bank also holding a majority share in Dynamo Moscow.

The stadium is to keep its VTB Arena title until its owners are able to find a buyer for naming rights associated with the stadium.

The park development will become home to a new sports and training complex, catering for both professionals and amateurs, while the site will also feature residential areas and green space offerings.