Back January 2nd, 2014

Reconstructions at Ferenciek tere and Március 15. tér are planned to be finished by March 2014. According to the last plans the pedestrian subway won’t be knocked down, and there’ll be no bus line in the middle of the road on Kossuth Lajos utca.
The reconstructions at Ferenciek tere have been in process for a year, and it will be finished by March 2014. Within the confines of the renewal the surface traffic will be reconstructed, and the square gets a new pavement. According to the former plans the pedestrian subway at the Klotild Palace was to be knocked down, but the plan was changed to a simpler one. The renewed square will show a whole new face when it’s ready.
History of Ferenciek tere
Ferenciek tere is located at the centre of Pest’s historic City Centre. The church standing on the square, the traffic centre of the 5th district was originally built between 1250 and 1260; and the current one in 1743. The square was named after this church of the Franciscan order. When Elisabeth Bridge was started to be built, the reconstruction of the neighborhood came up. Between 1914 and 1947 trams also crossed the square, but they were replaced by the bus no. 7 from the 1970s. Being quite busy the road is also mentioned as a “city motorway”. The station of the Metro Line 3 was built in 1976. The current square was built in 1992, merging the then Ferenciek tere and Felszabadulás tér. Its name has been Urak utcája, Szent Péter utca, Úri utca, Barátok utcája, Barátok tere, Egyetem tér, Ferenciek tere, then Károlyi utca. It got its current name back in 1991. The square is a popular meeting spot for young people, since besides the church several pubs and coffee houses are located here. The renowned pastry-shop, Jégbüfé opened in 1952 is also located here, on the corner of Rákóczi út and Petőfi Sándor utca. It has kept its former ambience ever since: those who were frequent guests there in the 1950s, like to return for an ice cream or a cake.
Source:
index.huhu.wikipedia.org