In neoclassical style architecture, the building is listed by the National Institute of Historic and Artistic Heritage (Instituto do Patrimônio Histórico e Artístico Nacional - IPHAN).

Between the old Customs House building and Largo da Conceição, it was a commercial center where it was possible to acquire items as varied as fruit and vegetables, cereals, animals, cigars, cachaças, and Candomblé articles.

In 1922, a fire broke out in the early hours of January 7, reducing the Market to caves (underground areas), causing more than one thousand contos de réis in damages.

On August 1, 1969, the market was the victim of the most violent fire in its history, to the point of making the reconstruction of the original building unfeasible, whose debris had to be demolished for public safety reasons.

On the site, where the primitive market used to be, a sculpture by Mário Cravo Júnior, the Monument to the City of Salvador, was erected.A new fire in 1984, already in the current building, destroyed facilities and led it to an extensive renovation, allowing its reinauguration on January 10 of that same year.