The building was built by architect Marian Marianovich Peretyatkovich by order of the banker Mikhail Ippolitovich Wavelberg. The history of the territory on which the building was erected is interesting. At one time, the houses of artists Bernikovs built in 1802-1803 were located here. Nearby was an English restaurant, where Petersburgers were first served a steak.

In 1910, the plots of these houses were bought by Wavelberg for the construction of the St. Petersburg Trade Bank. The attention of the townspeople was attracted by the fact that it strongly resembled the Doge's Palazzo in Venice.

In the 20th century, the building was used by various agencies, but due to the fact that the house is included in the list of buildings protected by the state, its appearance has not undergone any major changes. So any citizen or guest of St. Petersburg can admire Peretyatkovich's “Venetian” creation.

Old residents of St. Petersburg remember that Aeroflot ticket offices worked here. Today, the house is undergoing a protracted renovation. The architectural monument should open renovated in the form of a hotel.