The University of Minnesota's first building, a preparatory school, was located on this site from 1851 until the University moved to its present location in 1855.Erected by members of the Chute family
When the city of Minneapolis acquired the land for a park in 1903, it was named in honor of businessman Richard Chute, an early University of Minnesota regent and a director of the St. Anthony Waterpower Company.
The Ard Godfrey House, which was owned by the Chute family from 1880 until its purchase by the Hennepin County Territorial Pioneers Association in 1905, was moved to Chute Square in 1909. The building was operated as a museum by the Pioneers Association until 1943. Restored and furnished by the Woman's Club of Minneapolis, the Godfrey House was reopened to the public in 1979. The kitchen wing, demolished in 1908, was rebuilt in 1985 with funds raised by Woman's Club members and a generous grant from Boisclair Corporation.