A crossing of several historic streets such as Saint Volodymyr Descent, Borychiv Descent and Sahaydachny Street, the square is located at the Dnipro riverfront right next to the Kyiv River Port.
The square underwent significant reconstruction in the 1970s when the Kurenivsko-Chervonoarmiyska (today Obolonsko–Teremkivska Metro line) was built and only the post station was preserved.
Since 2018 the square is a protected heritage site, and is planned to hold at some point in the future a museum dedicated to medieval Kyiv.
The square is served by the metro (the Poshtova Ploshcha station), the funicular, and buses.
Kyiv tram has historically significant routes through the square in past, however, on February 23, 2011, last tram service through the square (line 5) was closed, without any clear plans to be reopened in future.