With approximately 9,200 square metres (11,000 sq yd) in size, it is today a major traffic junction, dominated by the large Altes Stadthaus administrative building on its southeastern side.
During the initial settlement around the Mühlendamm causeway across the Spree river about 1200 AD, the site developed as the central trading place.
In the late 17th century, the trading place was finally closed by order of Elector Frederick III of Brandenburg.
The area around the square was densely populated until World War II, when much of Berlin's city centre was destroyed by strategic bombing.
[4] Recent urban plans developed by the Senate of Berlin envisage a complete redesign of the location according to its historic condition, including narrower streets and new built-up areas on the available spaces.