1987 there was a major reconstruction of Knez Mihailova and its transformation into the pedestrian zone. After six months of construction works, the street was open on 20 October 1987. It was paved with the black granite slabs from Jablanica, while a drinking fountain, made of white marble from Venčac, was erected in memory of former Delijska fountain which was further down the street. Previously nonexistent oak avenue through the middle of the street was also introduced, so as vintage looking candelabra which resemble the historical, gas ones. Commemorative plaque for Emilijan Josimović was placed near the “Ruski car” restaurant. During the reconstruction, when the old pavement was removed, an old plaque dedicated to the young volunteers who reconstructed the street in 1949, was found and the two plaques are now exhibited next to each other. The entire project of the reconstruction was developed by architect and urbanist Branislav Jovin. Works began in May 1987, and were finished in six months, on 20 October. They also included introduction of the district heating which shut down 28 individual mechanical rooms in the street. Experts commission tried to change the project, especially paving of the long section from "Ruski Car" to Kalemegdan Park. The section, wide and covering , was to be paved with the thick slabs of Jablanica granite, but the commission opposed this. City monuments preservation institute, on the other hand, objected to the planting of the oak avenue, with 14 trees, because the street had no trees before the reconstruction either. Jovin managed to push both of his ideas. In 1988 area around the Palace Albania, Hotel Majestic and “Jadran” cinema were also reconstructed, and a new fountain and mini-amphitheatre were placed in the section of the street where it enters the Republic Square. 21st century Reportedly, as of mid-2010s, much of the street's real estate is owned by Serbian tycoons of the day such as Dragan Đurić, Miroslav Mišković, Miodrag Kostić, Philip Zepter, Radomir Živanić, Vojin Lazarević, Tahir Hasanović, and Radivoje Dražević and it houses their respective business holdings. In October 2020, a new, detailed regulatory plan was announced. The area is bounded by the streets Knez Mihailova, Kralja Petra, Uzun Mirkova, Studentski Trg, Vase Čarapića, Republic Square, Sremska, Maršala Birjuzova, Carice Milice, Cara Lazara, Gračanička and Pariska, and covers . Art historians and conservationists proposed the expansion of the Knez Mihailova's spatial unit (declared in 1964) to