The square is today one of the busiest places of the city, suitable for all ages. Near one of the most commercial streets of the city, Aneksartisias street, the square has always been a recreational and relaxing area, where people would meet in the city center.
The historic Heroes Square was created in 1910, and the historical monument in the center, dedicated to those who have sacrificed their lives for the freedom of Cyprus and Greece against tyranny, was created in 1946, under the Mayor Ploutis Servas. Rialto Theatre, which originally functioned as a cinema, was built in 1933 and it has been since an integral part of the identity of the square, hosting plays, balls and even speeches and political rallies in previous eras.
Previously the area was known as "Kkesogloudkia", due to the name of the family of Turkish Cypriot owners, Kioseoglou. The square is now a meeting point for cultures, hosting from Arabic cafes, Greek fast food joints and taverns, to galleries and trendy bars and clubs.
Having left far behind the years when the bad reputation of the night was imposed on the place, the Heroes Square now hosts facilities of the University of Technology, and is also a favorite destination for students. Also, major events of the city, such as the Rock Music Festival each September and the end of the carnival procession for the proclamation of King Carnival each Pancake Day, also take place there.