[1] The area which afterwards was called the New Bazaar, was first designated by a city plan of 1845; at that time there were "cold buildings" situated.

After the end of the Crimean War, in Rostov-on-Don the construction of the square began.

In 1929-1930, the Alexander Nevsky Cathedral was demolished, so the building of the State Bank became the architectural dominant of the square.

In 1929-1934, the building of the House of Soviets, built in the constructivist style, was constructed on the project of architect Ilya Golosov.

In 1972, in the center of the square, the Monument to the 1st Cavalry Army was erected on the project architect Evgeniy Vuchetich.