The square, built in 1934, was part of the original urban plan by Sir Patrick Geddes, and was designed by architect Genia Averbuch. The idea to build a parking lot under the square went unrealized, and instead, a roundabout was fashioned around the square, at its center a garden with a fountain and shady seating areas. For decades the square was a popular location and one of the landmarks of Tel Aviv's historic "White City."

The square is a circular plaza and has been a focal point of Tel Aviv since its establishment in the 1930s, its location in the very heart of Tel Aviv being one of the reasons. Dizengoff Square is named for Zina (Tzina), the wife of Tel Aviv's first mayor, Meir Dizengoff. Its original 1930s design was called "the Étoile of Tel Aviv" due to the form of the square - a roundabout at the meeting of six streets.

Dizengoff Square at the Start of Renovations (January 2017)

The same spot as it stands in June 2018 In 2016 Tel Aviv municipality decided to bring the square back to its original design and move it back to the street level, causing a public controversy.[7]

The works on demolishing the heightened square began on January 8, 2017, and a ground-level road, similar in layout to the underpass under the heightened square, was opened on January 18. At that point, work began on tiling the sidewalk rim and paving a permanent circular road. The circular road, which maintains the second square's traffic directions, was opened – though in an unfinished state – on October 30, with the interchange-style road being closed, and demolished a day later to allow work on the third square's core to begin.

On June 2, 2018, all roadworks on the Third square's circular road were completed: its remaining closed section, running from Reines St. to Dizengoff St., was opened, and the crosswalks were brought closer to the square's core.