According to the few surviving records, the first chapel was built in the 1620s over a spring that is believed to have been discovered by Sergius of Radonezh himself. Made of white stone, it had a tent-like roof made of planks. It is known that in 1667, at the request of Tsar Alexei Mikhailovich, holy water was drawn from this spring. At the end of the 17th and beginning of the 18th century, a new round chapel building was constructed at this site. Historians believe that the wealthy industrialist Grigory Dmitrievich Stroganov was the patron of the construction. The exact dates of the start and completion of the construction are unknown, but researchers suggest it occurred between 1675 and 1725. Stroganov's constructions were distinguished by attention to detail and high quality of work, setting them apart from Moscow and Naryshkin baroque. In 1860, the chapel was partially remodeled: inter-floor ceilings were added, and some windows were bricked up.

During the Soviet era, restorers made significant efforts to restore this architectural monument of the 17th-18th centuries. Architect V.I. Baldin developed a restoration plan, and the first restoration took place in 1962, followed by a second one nine years later. After these works, the chapel regained its original appearance: it was covered with aspen shingles and the columns of the grand order were restored.

Additionally, a baroque fence with a balustrade and columns adorned with spheres was recreated. However, in 1998, the fence was destroyed due to vandalism, and its fragments remained around the chapel for a long time. This is unfortunate, as the fence was an important part of the architectural composition.

The chapel was consecrated in July 1997. Above the entrance is an image of Paraskeva Friday, and from that moment access to the holy spring became free. In the spring of 2014, further restoration works were carried out, renewing the roof.

The chapel is a tiered central building constructed with high precision in detail. This is due to Stroganov's passion for architecture and his adherence to European construction standards. Another example of Stroganov baroque is the Church of John the Baptist at the Lavra. In Sergiev Posad, there are also monuments of Naryshkin baroque, such as the Chapel over the Well near the Assumption Cathedral of the Lavra, but they are less precise in proportions and details.

The lower part of the chapel is an octagonal rotunda with columns at the corners, topped with two light octagonal superstructures. A patterned cross, replicating the cross of the Chapel over the Well in the Lavra, crowns the dome.

The interior of the chapel seems spacious, although the diameter of the base is only 6 meters. The building's decor is executed with high quality, with window frames and portals mimicking the style of German mannerism. It is likely that craftsmen were invited from abroad. The lower edges and window openings are adorned with rich stucco. The entrance portal is decorated with columns and a kiot, while the upper tiers are designed in the style of the Utochya Tower of the Lavra.

Inside the chapel is a spring in the form of a round well, and the walls and vaults are decorated with paintings from the late 19th to early 20th century. The window openings are filled with grilles.

The chapel is part of the architectural ensemble of the Trinity-Sergius Lavra and looks especially striking on sunny days when its wooden roof contrasts with the white walls.

Since 1995, the chapel has had the status of a cultural heritage site of federal significance and is an example of Petrine architecture with elements of European architecture.

Today, the chapel has been restored and belongs to the Friday Courtyard of the Trinity-Sergius Lavra. It is often referred to as the Sergiev Chapel. Inside, there is a cross from which two streams of holy water flow. A larger cross of the same design is installed outside. The area around the chapel has been landscaped and transformed into a cozy park.