Serving residents in or near the 1600 block of Corrientes Avenue for much of the twentieth century, the ornate market hall was also popular for its Bachín y Pichín Restaurant.

Shuttered during Argentina's difficult 1980s, the central location of the acre-size lot quickly attracted investors' interest, however, and the property was purchased by the La Plaza Group, a theatre production company led by Pablo Kompel.

[3] The Pablo Neruda Salon, a theater and cinema hall, was opened on July 12, 1989, with a performance by world-renowned mime Marcel Marceau, and the entire center was formally inaugurated on September 28.

[2] Lushly landscaped, Paseo La Plaza was designed as an urban oasis in one of Buenos Aires' most densely populated areas.

A promenade of 21 retail outlets, and 14 restaurants and bars, is interspersed along the patios; in all, Paseo La Plaza attracts around half a million visitors a month.