The old convent of San Francisco was located in the Plaza del Ayuntamiento, which was demolished in 1891. In its place the San Francisco park was built.

The square was configured with the following spaces: the San Francisco Park, the San Francisco Bajada and the Cashiers Square. The Marquis de Sotelo, mayor of the city (1927-1930), was the great promoter of the current square.

One of the consequences of the construction of this square was the transfer of the old railway station to its current location on Xàtiva street. The station , since 1852, it was where the Telefónica building is today.