This street came about on the site of a bay. Agricultural buildings were erected around this bay in the 18th century. The present-day appeareance dates from the second half of the 19th Century when new buildings were put up around the square.
In the centre there was a "crowning hill" on which Austro-Hungarian Lords, when they were crowned, publicly declared that they would protect the Austro-Hungarian Empire from it's enemies. For this reason the square gained the name Korunovacne Námestie (Crowning Square).