The building was originally intended to serve as the residence of coffee grower and politician Elias Antônio Pacheco e Chaves [pt].

The construction incorporated technological innovations introduced from Europe, with most materials sourced internationally, including mirrors from Venice, porcelain doorknobs from Sèvres, terracotta from Italy, and locks and hinges from the United States.

At the end of the 19th century, the palace was commissioned by the coffee grower Elias Antônio Pacheco e Chaves, in the Campos Eliseos district, a neighborhood that was becoming a prominent area in São Paulo.

[3] The Campos Elíseos Palace is an important example of São Paulo's architecture, reflecting the economic significance of the coffee trade during the late 19th century.

[2] In 2004, the São Paulo state government announced a project to restore the palace to become a cultural center containing part of the city's history.

[9] Today, the palace's Renaissance architecture is located near the Princesa Isabel bus terminal and is surrounded by gates and 2-meter-high walls for preservation purposes.

[5] The completion of the Campos Eliseos Palace Restoration Project, as well as becoming a cultural museum where it will tell its own story, is intended to contribute to the revitalization of the area.

According to State Decree 62.699, of July 14, 2017, in return, SEBRAE-SP will have to offer free visits to exhibitions with themes on entrepreneurship, technology, and the creative economy, as well as visits by teachers and students from the public school system; hold training courses in entrepreneurial education for public school teachers; offer coworking space and training for projects focused on the creative economy and create a space for the memory of the Palace and the region.

[10] On April 3, 2018, the National Reference Center for Entrepreneurship, Technology, and the Creative Economy was inaugurated and the first activities occupied the second floor of the building: a coworking space, a startup accelerator with 11 selected startups participating in the program, meeting rooms, two training rooms and the administrative area of SEBRAE-SP.

[11] After several years of research and proposals for the creation of a new cultural museum within the palace's spaces, the Favelas Museum (Museus das Favelas) was officially inaugurated on November 20, 2022, in the context of a broader movement to democratize cultural spaces and preserve the memories of historically marginalized populations.

[12] The Museum promotes exhibitions, debates, workshops, and educational activities that directly involve peripheral residents,[13] addressing issues such as racism, cultural resistance, and social inequality.

[16] The building had Venetian mirrors, Baccarat chandeliers, and porcelain doorknobs, materials that were also imported from European countries and the United States.