
Hősök tere is surrounded by two important buildings, Museum of Fine Arts on the left and Palace of Art (or more accurately Hall of Art) on the right.

When the monument was originally constructed, Hungary was a part of the Austrian Empire and thus the last five spaces for statues on the left of the colonnade were reserved for members of the ruling Habsburg dynasty. From left to right these were: Ferdinand I (relief: Defense of the Castle at Eger); Leopold I (relief: Eugene of Savoy defeats the Turks at Zenta), Charles III, Maria Theresa (relief: The Hungarian Diet votes support "vitam et sanguinem") and Franz Joseph (relief: Franz Joseph crowned by Gyula Andrássy) The monument was damaged in World War II and when it was rebuilt the Habsburgs were replaced by the current figures.
On the 16th June 1989 a crowd of 250,000 gathered at the square for the historic reburial of Imre Nagy, who had been executed in June 1958.
It is also a station of the yellow M1 (Millennium Underground) line of the Budapest Metro.
(Source: Wikipedia)

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