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The square is flanked by buildings on three of its four sides, the latter facing the sea and overlooking the Paseo Colon. It was designed by Daniel Molina Francisco between 1844 and 1849
It is located in a part esplanade (Plaza de San Francisco) pertenyent the Convent of San Francisco, which dated from 1276 and was demolished in 1837. The property passed to the Duchy of Medina and former owners. Luis Benavides and Joaquín Fernández de Córdoba, who was Duke of Medina gave the land to enlarge the Plaza de San Francisco. In the period of the Spanish Civil War took the name of the President of the Republic Manuel Azana, but recovered at the end of the old warfare.

The landscaping is dominated by palm trees. It also stands a cast iron column in honor of Galceran Marquet.

Both the square and surrounding buildings are Cultural Asset of Local Interest.
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