It was built in 1907 on land leased from the Selden Grandy Estate, and is a three-story, Beaux Arts style steel frame building faced in molded and polychromed terra cotta.

Both the facades are seven bays in length and are composed of a two-story Ionic order surmounted by an elaborate cornice, with an attic story above.

The interior plan consists of a longitudinal mall open to the roof, lit by skylights, and entered through the central bay of each facade.

By the early 1980s, downtown Norfolk had been significantly restored, which resulted in recovery of Arcade business.

Today the Monticello Arcade remains at the heart of Norfolk's business and retail district.