It is located in Piazza Mercanti, former city centre in the Middle Ages.

A pre-existing tower by Napo Torriani was preserved and adapted to the new architecture as a bell tower; the bell, which was nicknamed "Zavataria" after Zavatario della Strada who donated it, rang to announce such events as public executions.

The building originally served as the seat of the Collegio dei Nobili Dottori ("College of the Noble Doctors"), a school for aspiring politicians and lawyers.

The palace was severely damaged by the bombings of World War II but was thoroughly restored in the 1980s by Gianni Mezzanotte.

During this restoration, the palace was enhanced with hi-tech equipment, such as modern communication lines and multimedia appliances, to create a prestigious multi-functional venue to accommodate events, conferences, and such.