The square is named in this way by the image of marble that presides the square. This sculpture was created in Rome by the sculptor Antonio Pinto Soldán and restored in 1978 by Joaquín Moreno Daza.
In 1927, the square was restored following the regionalist aesthetics stimulated by the Latin-American Exhibition of 1929. The square is adorned by blue tiles, trees and flowers, being one of the most beautiful architectural ensemble of the locality.