Start with the economic models and the city/map structure/pseudo-structure.
I am a big fan of the agile test-build method, but you need to design everything first. Once you have designs in place you can begin building prototypes, testing, and rebuilding.
In order to build my game, I began by designing everything, from the servers, all of the way up to as many of the game mechanics as I could concretely design early on. Once you have all of your conceptual stuff laid out on paper (or Google docs, or wherever), only then should you begin test/building.