The monument to Peter I was unveiled on May 1, 2008, in the Central District of Sochi, at the square near the shallow-water pier of the seaport. The monument was created by Sochi sculptors Vyacheslav Zvonov and Alexander Butaev.

The monument is a structure 5.5 meters tall. The bronze figure of the tsar, 3.4 meters high, is placed on a two-meter marble pedestal. Behind the sculpture is a fountain. The statue was cast at a metallurgical plant in Minsk and weighs 5 tons. The project was funded by local entrepreneur E. Kagosyan.

The location of the monument was chosen deliberately. Peter I founded the Russian navy, and it is logical that the monument to the reforming tsar is placed opposite the seaport, as the Sochi coastline is the southernmost Russian outpost.