The square is in the Shaughnessy Village neighbourhood, an area recently re-dubbed the Quartier des Grands Jardins and has been slated for redevelopment.

The square opened in 1870 and the monument to Italian-born English explorer John Cabot, by Italian sculptor Guido Casini (1892–1956), was unveiled on May 25, 1935.

It takes the form of an urban green space and may otherwise be described as a park, but its status as a public square means there is a generally unenforceable curfew.

Installation artwork and conceptual sculptures were integrated into the square as part of a broad urban beautification plan.

In late summer/early fall 2013, the city began a major cleanup of the square including cleaning the statue of Cabot, pruning the trees and collecting debris.