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.