[1] Framed by shopping arcades of Alsterarkaden at Alsterfleet, there are many events taking place here, amongst them open air cinema in summer, the Stuttgarter Weindorf (Stuttgart wine village), the music festival of Rockspektakel, and the Christmas market in December.
[2] The Rathausmarkt was built after the Great Fire of Hamburg in 1842, which destroyed also the old city hall near the bridge of Trostbrücke and the buildings near the new city hall, with the exception of the building of Hamburg Stock Exchange.
The square was created pursuing a plan and designed after the model of Piazza San Marco in Venice, which is also opening to the waterfront.
After tram operation had ceased in 1978, the square was fully renovated and surfaced with red granite until 1982 under the aegis of mayor Hans-Ulrich Klose, wherefore it was jokingly dubbed Red Square.
Also today, the Heinrich Heine Monument, made by Waldemar Otto, can be found on the square.