Its history goes back to the XIX century, to the year 1850, when it was called La Merced Square due to the church that had the same name, which was built by the Mercedarian Order. Like many places in Guayaquil, the Great Fire of October 5 and 6 of 1896 that destroyed half of the city also affected the square.
Around the XX century the square was rapidly rebuilt since it was located in an important area of the city, to be inaugurated on August 11, 1907, in the same exact place. Two years later a monument was crafted to honor the memory of Pedro Carbo, Ecuadorian politician, diplomat and writer, which was inaugurated on October 9, 1909.
The Square is known for its elegant design of low fences and small gardens that surround a lantern placed in the exact spot where the monument now resides. The gardens have plants like crotos, mango, almond and acacia trees. The lighting blends well with the architecture of the site since the light bulbs are above a forged iron pedestal. There are also iron-forged benches with wooden designs in which the visitor can rest.