Given it was one of the first roads to be laid in the mineiro capital, Afonso Pena has witnessed innumerous important moments in Belo Horizonte's history. For example, the avenue saw the trams give way to cars and the emergence of the Clube Atlético Mineiro football club, which was established in 1908 at the Municipal Park bandstand. It witnessed the excitement of the capital's first cinema screens with the inauguration of the former Cine Acaica (Acaica cinema), which was located in the city's highest building, erected in the 1940s. For many years, it also saw various political protests held at Praça Sete, which is considered to be the heart of the city.

With an outstanding view of the Serra do Curral, Afonso Pena is today a hub of not only financial activities and public services, but also cultural attractions.  There are traditional and important spaces located along its 4km, which provide an opportunity to learn about the past and present culture of Belo Horizonte.