Inaugurated on December 1, 1883,[1] It connects the Elías Alley, which faces the Reloj Turri on the Plan de Valparaíso, with the Gervasoni Promenade on the Concepción Hill.

[3] The funicular originally consisted of two wooden cars moved by a water counterbalance system, which, years after, was changed to one powered by electricity.

[1][3] As a way of heritage preservation, in 2012, the government of Sebastián Piñera acquired the Ascensor Concepción, along with other nine ones, from private owners to be given to the municipality of Valparaíso under commodate.

[4] The restoration works on the funicular, under the supervision of the Ministerio de Obras Públicas, began on December 5, 2016 and were completed on April 3, 2019.

[4] The lower station is located at southern end of the Pasaje Elías, a narrow alley lined by buildings facing the Reloj Turri on the south side of the Prat Street.