The most elite academy for young unicorns looking to focus and hone their innate magical skills resides in Canterlot, managed by the most powerful mages and sorcerors in Equestria, alongside the Princess herself.
Within the heart of Canterlot lies the Glittering Terrace, a courtyard encircled by beautiful arrangements of flora and grand marble statues. Some of these obelisks are monuments to Princess Celestia, and some to legendary ponies of history's past.
The regal and legendary Canterlot is the capital city of Equestria, as well as the residence of Princess Celestia, the highest authority in the land. The metropolis itself is literally built into a mountainside overlooking the grand scope of the country, but is in a suitable enough location that most ponies can travel to it via flight or carriage. Regal functions--namely the Grand Galloping Gala--occur here.