In the 18th century, the local corn merchants carried out their business in the open space in front of Liverpool Town Hall.

[1] The new building was designed by John Foster Sr in the neoclassical style, built in white stone from Runcorn at a cost of £10,000 and was officially opened in August 1808.

The bays were all flanked by Doric order columns, which supported an entablature, which was decorated with triglyphs, as well as a central panel inscribed with the words "Corn Exchange".

[5] However, the use of the building as a corn exchange declined significantly in the wake of the Great Depression of British Agriculture in the late 19th century.

However, in March 2016, Liverpool City Council approved plans from a Dublin-based hotel developer, Staycity, to convert the building into some 200 new apartments and studios, all equipped with bedroom furniture, showers and fitted kitchens.