Although of Gothic origin, this palace takes its current configuration in the 18th century. The sixth count of Cervelló, Felipe Carlos Osorio, gave it to the municipal government when he moved to live in Madrid.

During the 19th century it was the Military Captaincy and Royal Residence, when the old Royal Palace located in the Viveros gardens was demolished during the War of Independence (1810). It was the residence of Marshal Suchet during the Napoleonic invasion and later Fernando VII signed here the decree of repeal of the Cortes of Cádiz, in 1814. The regent María Cristina also signed her abdication here in 1840, going into exile and leaving her daughter Isabel. under the mentorship of Espartero.

In 1936 it was the headquarters of the Communist Party and, after the Civil War, it was the headquarters of the O.J.E., the Triunfo and Cid academies, and the "La Vasca" pension. In 1976 it became the property of the City Council and in 2003 it was inaugurated as a Municipal Historical Archive.

This plaza was opened in 1878, demolishing several blocks of buildings. In principle it was much smaller and had a triangular shape. The square took its current appearance in the reform of the year 1970, when an underground car park was built.

The building that can be seen in the background on the left, next to the San Martín tower, is the Casa Sánchez de León (1896), which together with the old storehouse La Isla de Cuba (1895), located opposite and that not seen in the photo, they form an ideal setting for the beginning of Calle de San Vicente. Both buildings were built by the architect Lucas García Cardona.

The convent has, attached to the wall and facing the river, a series of restored houses, which were the houses of the workers who exercised the different trades in the monastery. They were also used to temporarily house the relatives of the nuns during their visits to the convent.

Access to the church is from the square that is located behind these houses.

The towns located on the coast, Grao and Cabañal, would not pass to Valencia until 1897. Until then they had remained autonomous populations.

In these towns, a popular architecture developed between the late nineteenth and early twentieth centuries, which appears as a free and original interpretation of modernism.

The square is dedicated to Queen María de las Mercedes, wife of Alfonso XII. During the Republic it was called Plaza de la Región.

The first traffic light in Valencia was installed in this square in 1930. It was manually operated by a city guard.

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