The current building is built in place of a ruined church in the period 1591–1629 by Paulo Romanus, Wojciech Kapinos and Amvrosiy Prykhylny; the bell tower was erected in the years 1571–1578 by Piotr Barbon [pl].

The second church was erected on the initiative of the Lviv Brotherhood, and the founder of the bell tower and the chapel was Constantine Corniaktos, a Greek merchant.

It was constructed in the late 16th and early 17th centuries with funds provided by the Greek merchant Constantine Corniaktos[2] and other members of the Lviv Dormition Brotherhood, a local bratstvo which also operated an Orthodox school and press.

This especially applies to the profusely decorated façade of the adjacent Chapel of the Three Hierarchs, built between 1574 and 1591 to Piotr Krasowski's designs.

Nearby is one of Lviv's most conspicuous landmarks, the Korniakt Tower, which was carried[clarification needed] to its present height of 65 metres (213 feet) after a fire in 1695.