The square lies in the areas of the former moat between the Old and New Town. Here was declared an independence of Czechoslovakia - the so-called First Republic, and hence its present name. The dominant of this square is a Municipal House, built in the early twentieth century in Art Nouveau style by the architect A. Balšánek and O. Polivka. Interior was decorated by leading Czech designers such as Alphonse Mucha. Its interior comprises several rooms, the largest of which is the Smetana Hall named after famous Czech composer.