Following the construction of Praça Nova, the work of D. Manuel I, his son D. Luís decided to provide it with a public market. For this he chose one of the tops of the square. The building was so sumptuous that the Infante, in a letter dated April 17, 1550, proposed to the councilors of the council that it be given a more dignified destination.

It was thus transformed into a church. A few centuries later, in 1956, the temple was restored to its original design and stripped of the religious ornamentation it had inside.

It is a monument that has no parallel in Portugal and must be the work of an architect who studied in Italy since Florence has a similar building.

It has a square plan with nine flights of vaults supported by columns with Corinthian capitals.