Public square in La Paz rebuilt (5)
I believe the answer is:
plaza
'public square' is the definition.
(plaza is a kind of public square)
'la paz rebuilt' is the wordplay.
'rebuilt' indicates anagramming the letters.
'la'+'paz'='lapaz'
'lapaz' is an anagram of 'PLAZA'.
'in' acts as a link.
(Other definitions for plaza that I've seen before include "Public square - shopping centre" , "Open square in Spain" , "Open urban square or public area" , "Public square, as in Spanish town" , "Public square for pedestrians" .)