In 1854, Allen donated the property to the city and it became the site of an open-air produce market, where it got its name. The first city hall was built around this time as well. Unfortunately, it burned down in 1976. The next two city hall buildings burned down as well, in 1901 and 1960, respectively. It was converted into a parking lot and was surrounded by nightclubs and restaurants.
However, its revival began in the mid-1970s when the Junior League of Houston led efforts to turn the square back into green space. Then, a non-profit organization renovated it further, installing works of local artists. The city redeveloped the square in 2010, transforming it into what it is now.