The New Town (Nove Mesto) – southwest of Old Town, with Wenceslas Square in its centre, is now the commercial and administrative heart of the city. It is the fourth and last of Prague’s towns that closed the medieval development of Prague. Despite its name, this quarter is relatively old. Founded by Charles IV in the mid-14th century, the town expanded rapidly. At the same time, the Emperor initiated the construction of numerous monasteries, churches and squares within the New Town’s borders. The largest enclosed square in New Town is now called Charles Square (Karlovo Namesti). Until the Hussite Wars, a religious pilgrimage of European importance called ‘The Showing of Sacraments, Imperial Coronation Jewels and Sacred Remains’ took place here every year. This is why the square was planned to cover such an extensive area. However, the present centre of New Town is definitely Wenceslas Square, the main thoroughfare of Prague, originally used as a horse market. The majestic National Museum and statue of St. Wenceslas on horseback dominate this long boulevard (square is not really an exact description). Na příkopě is the street that was the traditional dividing line between Old Town, and New Town is a good place to do your shopping. Also, Wenceslas Square is full of modern shops, restaurants, casinos and exchange offices. The Dancing House, located on the New Town embankment, is an example of modern architecture. The architects of this building were given a prestigious international award.