This square was established in the 19th century, and at its center is a statue of Queen Isabel II, who the square is named after. The same Isabel II is famous in the city, for during the time of her rule water facilities were installed in the city, that were based on a canal called "Canal de Isabel II." In the same water system, water was brought from the faraway Guadarama Mountains.
In the memories of the residents of Madrid, Isabel's name continues to live on in daily basis. The reason, is that the Queen's name is etched all around the city today, on the main metal pipes scattered around Madrid.