The square, named after the statue of Neptune, was established in 1564 to showcase the iconic sculpture. Its creation involved the demolition of a block of buildings, expanding the space between Palazzo d’Accursio and Palazzo del Podestà.

The statue of Neptune, crafted by the renowned Flemish sculptor Jean de Boulogne, also known as Giambologna, and Tommaso Laureti, nicknamed The Sicilian, was completed between 1563 and 1567.

Adjoining the square, one side is occupied by Sala Borsa, which has served as the Civic Multimedia Library since 2001. On the other side, adjacent to Palazzo del Podestà, stands Palazzo Re Enzo.

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