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There will be a ground-breaking ceremony November 9 and construction will start November 13th on this renovation.
Work will take place seven days a week.
More than $180 million of public and private money is being spent to spruce the area, with the city putting in about $20 million.
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The recently opened Brewery Bhavana, which sits along the square, will benefit.
"It's going to be great. Hopefully, it's going to be our version of, probably not like Central Park, but maybe Union Square in New York City," said Manager Roxanne Bellamy.
There will eventually be a Go Raleigh Transit Station, more housing, and new offices.
Officials explained at a forum Tuesday tonight that they are still trying to bring in businesses.
"We are actively recruiting minority businesses for this district because we think it's important to maintain that business core," said Bill King, Downtown Raleigh Alliance Senior Director of Economic Development and Planning.
Edna Rich-Ballentine, who is 73, has lived in the neighborhood all her life and said, "We used it as a playground when I was growing up."
She's concerned for those not as fortunate as herself and who call the square home.
"Every time we do something downtown, we try to push them out further and further away," she said.
The Raleigh/Wake Partnership to End and Prevent Homelessness is working to relocate those in need.
There will be another forum to discuss renovation. It will take place Monday from 9 a.m. to 10:30 a.m. at the COR Museum at 220 Fayetteville St.