On the plot of the palace a former foundry of the Order of St John existed to manufacture the knights' armaments.

Giuseppe Buttigieg and his wife Giovanna Camilleri acquired the land from the government, and they built Palazzo Ferreria in the late 19th century.

The Labour government, led by Dom Mintoff, rented part of the palace from the Francia for the Public Works Department, to reconstruct and restore Valletta from the war damage.

[6] The architect of Palazzo Ferreria is Giuseppe Bonavia, who also designed the Lija Belvedere Tower and La Borsa.

[8] Bonavia wanted to develop this site after losing the bid to become the architect of the Royal Opera House (opposite) and to show what he was capable of building and what could have resulted had his design been chosen over that of Edward Middleton Barry.