The neighborhood emerged on August 16, 1868, when the Sociedad Anónima de Fomento Montevideano founded the , celebrating the occasion with the launch of a hot air balloon with national symbols. Previously, the area was outside the walled city and was used for agriculture due to its proximity to the banks of the
Miguelete Creek. In the years following its foundation, wide tree-lined avenues and large houses with gardens were built in the neighborhood, having the same development as the
Prado neighborhood. In addition, a tram line that connected the area with the
central business district was built. == Landmarks ==