The Square, one of the most antique buildings of the city, was born in the so-called New Town, around the XVIII century, in the year 1702. During that time the Religious Order of Franciscans moved to the location and built their church, following the custom of the time. On January 1, 1880 was placed in the square the first statue that Guayaquil had, the figure of patriot Vicente Rocafuerte, therefore, the square was also known as Rocafuerte Square.
The square houses the San Francisco Church and the first statue of Guayaquil that pays tribute to Vicente Rocafuerte. The site is adorned with a water fountain, surrounded by trees and classic lanterns. Several administrative and commercial buildings like banks and businesses are located in the vicinity of the square.