In the 1950s, the reconstruction of Bazarnaya Square marked a significant transformation. Originally named Bazarnaya due to its historical association as the location of Simferopol’s vast bazaar at the crossroads of the Sevastopol-Feodosia and Perekop-Alushta roads, this square underwent changes. The Simferopol bazaar, once situated here, was relocated in 1957 southward along Kirov Avenue to Street Kozlov, eventually becoming the Central Market of Simferopol. The southern section of the former bazaar evolved into Trenev Park.
In the northern part of the former Bazaar area, notable structures like the House of Trade Unions (1959), the House of Soviets (1960), and the Ukrainian Theater (1977) were erected, reshaping the historical center of the city. The reconstruction led to the demolition of many 19th-century buildings surrounding Market Square. The Council of Ministers of Crimea building was constructed in 1960 in the southern part of the square. The remainder of Market Square, featuring a large water-dispensing fountain, gave way to the Lenin monument, while Pushkin Square and ancient trees were removed for the construction of the Ukrainian Musical Theater. Street layouts were altered from their original positions.
In 1967, Lenin Square and the monument to Lenin were inaugurated to commemorate the anniversary of the Great October Revolution. During the Ukrainian period in Simferopol, the square served as a focal point for mass demonstrations, rallies, and protests, often accompanied by the appearance of tent cities. This heightened attention was due to the proximity of the Council of Ministers of Crimea building.