The square pays tribute to Jose Joaquin de Olmedo, hero of Guayaquil, former mayor of the city and precursor of the Revolution of October 9, 1820.
The monument is placed within a group of cylindrical water fountains and next to the traditional Union Club, meeting place of Guayaquil’s society, founded in 1869. The Square has several viewpoints and a terrace in front of the river that connects with other places of the Pier through a pedestrian wooden bridge. Benches have been placed along the corridors for the people to rest, and next to them giant skylights that give the place a maritime style.
It has the Malecon Shopping Mall, whose architectural design resembles a boat. Both, the top and bottom floors have river view and several shops and food courts. It also has security and sanitary facilities.