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Situated in the Calle Mayor, this plaza is within the tradition of the Spanish plazas mayores, or large principal squares. It was included in the dossier to be declared Historical Artistic Complex in 1977. Originally this plaza was an open space that was used as a place for meetings of the Concejo Municipal, or Municipal Council, until in 1560 the Concejo decided to build in the northern corner of the Plaza de "Almudí", or place used for the stockpiling of the wheat of the Pósito, simultaneously moving the municipal sessions to the so-named "Casas del Tesoro", or Treasury Houses, located in the Plaza de Santiago.
The importance of the Plaza Mayor in the urban life of Villena is indisputable, as well as its specialization as a public centre, providing a more than decent background for ceremonies of collective participation.