It is centered on the falls of the Spicket River, from which the 19th century textile mills of Methuen derived their power.

The historic district, listed on the National Register of Historic Places in 1984, includes commercial and civic buildings in and near Gaunt Square, the heart of the city, and along both sides of the Spicket River between Gaunt Square and the Boston and Maine Railroad tracks south of the river.

[2] The falls of the Spicket River were the site of small scale industrial works in the 18th century, but the area did not begin to take shape as the town center until larger-scale development began in the 1820s.

The old brick town hall, from whose parking lot fine views of the Spicket valley are seen, was built in 1853 with Greek Revival styling.

Notable early 20th century additions to the area include the central fire station (1899, Romanesque Revival), the Oddfellows' Hall (1904, Renaissance Revival), and the 1909 railroad station, built in Queen Anne style with funds donated by philanthropist Edward Searles.