Square in La Paz rebuilt (5)
I believe the answer is:
plaza
'square' is the definition.
(I know that plaza is a type of square)
'la paz rebuilt' is the wordplay.
'rebuilt' indicates an anagram.
'la'+'paz'='lapaz'
'lapaz' is an anagram of 'PLAZA'.
'in' is the link.
(Other definitions for plaza that I've seen before include "Town square (Sp.)" , "Open square in Spain" , "Sp. square, market-place" , "Public square for pedestrians" , "Shopping mall" .)