The Square is located on what once was a "500-foot deep grassy field that served no apparent purpose other than to make City Hall hard to reach.

"[3] The square was named after Lastman in a motion brought forth by Howard Moscoe at a city council meeting in April 1986.

[3] Architect Michael Kirkland felt the overuse of concrete made the square feel "chintzy"; he would have used granite had the budget allowed for it.

A large pond is located in the centre of the square that serves as a relaxing focal point in the summer and a skating rink in the winter.

[7] The square also features an outdoor theatre for a number of events, including Sunday Serenades jazz concerts each summer.