The square was built in the late thirteenth century to accommodate the weekly market. Its current structure is due to some of the most important architects of the Renaissance, and became a place of great religious significance to the city. On its sides are the Basilica of the "Santissima Annunziata", the portico of the Servants of Mary and the Ospedale degli Innocenti (orphanage). The latter was built by Brunelleschi. In the center of the square is an equestrian statue of Ferdinand I by Giambologna in 1508.