Two acres (0.8 hectares) in size, it was on the corner of Little Malop and Gheringhap Streets.
The winning entry was submitted by a Melbourne architect, Joseph Reed.
The cost was estimated at 34,533 pounds ($69,066), it was decided to only build a single southern wing along Little Malop Street.
The foundation stone was laid on April 9, 1855 by the then-Mayor Dr William Baylie.
This proposal was defeated, with the original design being completed, opening in June 1917.