Emperor Vespasian, founder of the Flavian Dynasty, started construction of the Colosseum in 72 AD. It was completed in 80 AD, the year after Vespasian's death.
The huge amphitheater was built on the site of an artificial lake, part of Nero's huge park in the center of Rome which also included the Golden House (Domus Aurea) and the nearby Colossus statue. This giant statue of Nero gave the building its current name.