Rakvere Central Square got a new modern look in 2004 based on the project of architects O. Kadarik, M. Tüür, and V. Tomiste.
It now has yellow domes, a fountain, seating, and small cobblestone hills. In the spring–summer period, there are flower arrangements and, in the winter, various winter and Christmas installations.

Next to the central square is the historical Market Building designed by F. G. Adoff and one of the most representative Bank Buildings in Estonia. There is also the sculpture Young man on bicycle listening to music dedicated to Arvo Pärt, an honorary citizen of Rakvere.