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The City of Arts and Sciences (Valencian: Ciutat de les Arts i les Ciències [siwˈtad de les ˈaɾts i les siˈɛnsi.es]; Spanish: Ciudad de las Artes y las Ciencias [θjuˈðað de las ˈartes i las ˈθjenθjas]) is a cultural and architectural complex in the city of Valencia, Spain. It is the most important modern tourist destination in the city of Valencia and one of the 12 Treasures of Spain. The City of Arts and Sciences is situated at the southeast end of the former riverbed of the river Turia, which was drained and rerouted after a catastrophic flood in 1957. The old riverbed was turned into a picturesque sunken park. Designed by Santiago Calatrava and Félix Candela, the project began the first stages of construction in July 1996, and was inaugurated on 16 April 1998 with the opening of L'Hemisfèric. The last major component of the City of Arts and Sciences, Palau de les Arts Reina Sofía, was inaugurated on 9 October 2005, Valencian Community Day. The most recent building in the complex, L'Àgora, was opened in 2009.Originally budgeted at €300 million in 1991 for three structures, it has expanded about three times the initial expected cost.