The square was officially named Karlsplatz in 1797 after the unpopular Charles Theodore, Elector of Bavaria.
The gate was first documented in 1301 and called Neuhauser Tor until 1791 when it was renamed Karlstor in honor of Charles Theodore, Elector of Bavaria.
During the summer, a large fountain operates in front of the Karlstor and in winter an open-air ice rink is installed there.
The most significant buildings on the opposite west side are the neo-baroque Justizpalast (Palace of Justice) and the Kaufhof, the first postwar department store built in Munich (by Theo Pabst, 1950-1951).
Also between Stachus square and Marienplatz, the main pedestrian area of the city, (Neuhauser Straße / Kaufingerstraße) houses numerous shops and restaurants.