
In 1984, when the Municipality of Anchorage began to build the downtown Performing Arts Center, land was set aside to construct Town Square Park. Beginning in 1988, the Parks & Recreation Department worked with AWWU and ML&P to develop a plan for Town Square Park. Initial plans envisioned a central pool and ice skating area connected to the four corners of the park with exposed aggregate walks.
Planners elected to preserve the historic Kimball’s Store, built in 1927 and listed on the National Register of Historic Places, on one corner of the park. In 1989, the Parks & Recreation Department and its partners began to raise funds to complete the project.
In 1991, the Friends of Town Square organizations began fundraising by selling bricks that would be engraved with the donor's name and placed in the park. Furthermore, the Downtown Anchorage Association raised funds for this project by securing sponsorships for 100 trees, the Alascom Holiday Tree and over 13,000 bricks.
In 2008, improvements were made to Town Square Park as part of the renewal of Downtown Anchorage.