For the first time, the construction of a large-scale shopping complex on Kontraktova Ploshcha began in 1809. According to the design project of the architect Luigi Rusca, it was supposed to be a two-storey building in a classical style. But the plans were disrupted by the fire of 1811. After it, Hostynnyi Dvir was completed to a new design by William Hastie. The building had one storey, and its total area was divided into a number of small shops, each of those having its own warehouse in the basement. Since the 30s of the 20th century, Hostynnyi Dvir began to decline, but it continued to perform its functions.
Due to the construction of a metro line in the 1970s, it suffered significant damage and was eventually dismantled. In 1986, a modern building was rebuilt to the original design by Luigi Rusca. Until 2012, it had housed: Ukrproiektrestavratsiya scientific and research institute, V. Zabolotny State Scientific Library of Architecture and Construction, Kyiv Academic Drama Theatre on Podil, etc. In 2011, Hostynnyi Dvir was struck off of the list of architectural monuments, and later, it was allowed to be reconstructed as a shopping and office centre. This caused a series of protests, and it was not until 2021 that the building regained its protected status.