The square's creation arose out of a project by Manchester Corporation's Monuments Committee to erect a memorial to Prince Albert who had died of typhoid in 1861. After initial proposals to create a memorial library, museum or botanical gardens, the committee decided to erect a statue in a decorated canopy. It was originally planned to place the monument in front of the Royal Infirmary building at Piccadilly, between the statues of Wellington and Peel. However it was felt that its ornate Gothic design was not in keeping with the neoclassical infirmary. In 1863, land was offered by the Corporation which was cleared to make way for a public space.