Construction began in 1896 to commemorate the thousandth anniversary of the Hungarian conquest of the Carpathian Basin and the foundation of the Hungarian state in 1896, and was part of a much larger construction project which also included the expansion and refurbishing of Andrássy Avenue and the construction of the first metro line in Budapest (Hungarian: Földalatti).
Selle ehitamine algas aastal 1896, mälestamaks tuhande aasta möödumist Pannoonia madaliku hõivamisest ja Ungari riigi rajamisest ning tegemist oli osaga oluliselt suuremast ehitusprojektist, mis hõlmas ka Andrássy avenüü laiendamist ja renoveerimist ning Budapesti metroo esimese liini (Földalatti) ehitamist.