The project for the main square dates from 1856, and was designed following the model of the Castilian main square, similar to other cities in Spain and Latin America. The author was Andrés Coello, but it was modified a few years later by Luis Céspedes and Lucas María Palacios. The town hall was completed in 1867. Previously, the Town Hall was located in the Torre del Reloj (Clock Tower), near the current site. It was later moved to the Plaza de la Soledad, and finally to the Plaza Mayor.

The square is a regular venue for numerous celebrations, from concerts to shows, as well as hosting the opening speech of the Semana Grande, the Begoña festivities in August. It is also a place where visitors usually gather thanks to its location between the Marina, Corrida Street, the Cimadevilla neighbourhood, El Centro and San Lorenzo beach, hosting numerous bars and restaurants.