Reynolds Square was laid out in 1734, the first square added after Oglethorpe's original four, and was first called Lower New Square. It was later renamed for John Reynolds, royal governor in the mid-1750s, who was so unpopular that, it's said, the celebration at his arrival was matched only by the one at his departure. The colony's filature, the first large building in Georgia, once stood on its northeast trust lot. It was built to unwind silk from silkworm cocoons for Oglethorpe's hoped-for silk industry. It was later used as a meeting hall, where George Washington was honored in 1791, and it burned shortly before 1850.

At the center is Marshall Daugherty's bronze statue of John Wesley, the founder of Methodism, who ministered in Savannah from 1735 to 1738 and is credited with founding America's first Sunday school. The statue was placed in 1969 near where his house is believed to have stood. The square's oldest building is the Olde Pink House (1771). The Planters Inn and the Lucas Theatre are also on the square. It is a public square, open at all hours.