[2] The square, which replaced a butcher's market,[3] was a gift from Henry Probasco in memory of his business partner and brother-in-law, Tyler Davidson.

Probasco traveled to Munich and commissioned a bronze allegorical fountain from Ferdinand von Miller named The Genius of Water.

Originally, the square occupied a large island in the middle of Fifth Street with buildings to the north and south, much like nearby Piatt Park.

A 1971 renovation of the square included slightly moving and re-orienting the fountain to the west, and enlarging the plaza by removing the original westbound portion of 5th Street and demolishing buildings to the north.

After the death of his brother-in-law and business partner Tyler Davidson, Cincinnati businessman Henry Probasco went to Munich, Germany in search of a suitable memorial to him.