The area was redeveloped in the 1960s with the completion of the Alexander Nevsky Bridge, and the opening of the Hotel Moscow and the metro station Ploshchad Alexandra Nevskogo. Another metro station, Ploshchad Alexandra Nevskogo-2, opened in the 1980s.
On 9 May 2002, as part of the 300th anniversary celebrations of Saint Petersburg, a bronze equestrian statue of Alexander Nevsky was unveiled in the square. Designed by architects Vladimir Popov and Gennadiy Peychev, it was sculpted by Valentin Kozenyuk and Aleksandr Palmin, with the assistance of Albert Charkin.
The pedestal is 5 m high, and the statue 5.1 m high. At its unveiling it was consecrated by Patriarch Alexy II of Moscow and Metropolitan Vladimir.