The plaza was built as the city’s millennium project in 2000 and officially opened in 2001. It functions as an amenity area where the goings and comings of the river can be savoured and performances can be enjoyed.

A continuous walkway along the edge of the river connects the plaza to Rice Bridge and provides a most pleasant walk, particularly on a summer’s evening. The plaza is dedicated to William Vincent Wallace (1812 – 1865). Wallace, born in Colbeck Street, was one of Waterford’s most colourful sons, famous for his operas Maritana, Lurlin and Amber Witch. He is regarded as one of the greatest nineteenth century composers of English opera.