1328-1330 by St. Dionysius, who came to Nizhny Novgorod from Kiev Pechersk Lavra (i.e., Kiev Monastery of the Caves, pechery meaning 'caves') with other monks, and dug a cave on the step Volga shore some 3 km southeast of the city.

Later on, he founded at that site a monastery with a church of Resurrection of the Lord.

The same year the monastery was rebuilt about 1 km upstream (north) of the old site.

Although there are no caves in the modern monastery, the appellation Pechersky, linking it to the old Kiev cloister, has been preserved.

The principal buildings of the monastery include: The belfry of the Ascension Cathedral (which also serves as a clock tower) is noticeably out of plumb.