Although this region concentrates a considerable number of São Paulo's historic landmarks, such as the Municipal Theatre, Ladeira da Memória, the Mário de Andrade Library and Republic Square, it is officially called the Centro Novo (English: New Center).

The legalist army under Artur Bernardes used the so-called "terrifying bombardment", hitting several points in the city, especially working-class neighborhoods such as Mooca, Ipiranga, Brás, Belenzinho and Centro.

[7] However, during this same period, the area was already experiencing the effects of severe urban decay, such as the transfer of the headquarters of many companies to other parts of the city, the heavy deterioration of the public space, the increase in crime rates, the process of real estate speculation in abandoned and unmaintained properties, the increase in the number of people living on the streets, the emergence of many tenements and the deterioration in the quality of life, which discouraged a large part of the population already established in the area from remaining there.

This led to an emptying of the area's population, which would worsen continuously and acutely until the early 1990s, when, faced with a picture of profound and absolutely obvious degradation, the government began a process of urban requalification of the central part of the city.

The Largo São Bento and the Municipal Theatre were also renovated and remodeled, and the traffic lanes in the Anhangabaú Valley were filled in, where an exclusive area was set up for pedestrians to use as a square.

The region still preserves a vigorous street trade and a significant range of services, but the massive relocation of the headquarters of financial institutions, luxury retailers and restaurants is visible.

Among the events is the Caminhada Noturna (English: Night Walk), a free tour of the city center held about a decade ago, which takes place every Thursday starting on the steps of the Municipal Theater at 8 pm.