In this square it was located the former convent of San Francisco, which was demolished in 1891. Instead San Francisco park was built.

The square was configured with the following spaces: the park of San Francisco, the Bajada de San Francisco and Plaza ATMs. The Marqués de Sotelo, Mayor of the City (1927-1930), was the driving force of the current plaza.

One of the consequences of the construction of this square was the transfer of the old railway station, which was where today the Telefonica building since 1852, to its current location in Xàtiva Street.