The square, semicircle in design with over-sized walls, was built in 1942 by architects Ovalle and Sarabia, in parallel with the Avenida Diagonal Pedro Aguirre Cerda. The design was selected from an open architectural competition in 1941 by the "Cash for reconstruction and relief" after the 1939 Chillán earthquake. The work was funded by the Pacific Steel Company (CAP) and was completed in the mid-1950s. As a civic hub, it connects the main campus of the University of Concepción with the city center. Originally, it served as the meeting place of European immigrant families who arrived in Concepción. Its surrounding buildings, neoclassical in style, are of the late 1940s era, with interior terraces and balconies influenced by Parisian around of the square. There were also homes of foreign engineers and technicians who emigrated to Concepción to work on CAP and later in Siderúrgica Huachipato. Still later, several of these houses were inhabited by Chilean residents. In 1950, a round fountain was installed in the center of the square.