The Coltejer Building was designed by architects Raúl Fajardo, Aníbal Saldarriaga, Germán Samper, and Jorge Manjarres.

Its construction required the demolition of the art nouveau Edificio Gonzalo Mejía which contained the Junín Theatre and the Hotel Europa.

The Echavarría family were the founders of two textile companies, Coltejer and Fabricato, and were also involved in coffee exportation and importation of other goods.

In 1907, Alejandro Echavarría decided to import four power looms, which he put to work along with twelve workers in the patio of his coffee-processing plant.

[4] During World War II, Coltejer was operating some 70,000 spindles and 1,900 looms, employing 4,000 workers in its Medellin plant in addition to those at Envigado.