Works on the building started in 1784, with building materials arriving the following year from around Chile and the world: limestone from the Polpaico country estate; sand from the Maipo River; red stones from a quarry at the Cerro San Cristóbal in Santiago; white stone from the neighbouring Cerro Blanco; oak and cypress wood from Valdivia; Spanish metal works from Vizcaya.
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It served as the seat of government until 1846, until President Manuel Bulnes moved to La Moneda Palace.
The station is named for the nearby Toesca Street, which in turn is named after Joaquín Toesca, who designed La Moneda Palace.