The winter services held in the cramped and low basement of the ancient church no longer met the demands of the time, and parishioners began to express wishes for the construction of a new warm church. In the summer of 1901, provincial architect Ivan Ivanovich Okerblom developed a project, which was reviewed and approved by the construction department of the Yaroslavl Governorate on August 22. To finance the construction, church capital banknotes were exchanged for three thousand rubles. At this time, donations were also received from benefactors, including Moscow merchant Taisia Shchukina, peasant Maremyana Vasilieva from the village of Gavrilkovo, peasant Vasily Pozdnyakov from the village of Fedotovo, and merchant Nikolai Efimov from Romanov-Borisoglebsk. Funds came from the parish guardianship and the Khopylyovo rural society, as well as from unknown donors. In 1905, a subscription was held among the parishioners, where each indicated the amount they committed to donate for the construction within a specified time.

In the autumn of 1903, over 100,000 bricks were purchased for the church's construction from the Kornilov brick factory in the village of Pesochnoe and delivered to the banks of the Volga. In April 1904, preparations began for the laying of the new church: the old stone watchman's lodge in the churchyard was dismantled, and in May a contract was signed with contractor Konstantin Toropov for the construction of a rubble foundation and wall laying. A copper plate with a commemorative inscription was placed during the laying of the building. By the end of the construction season, under the supervision of architect Okerblom, the walls and vault were erected, using more than 280,000 bricks. All blacksmithing work was done by local blacksmith Alexander Afanasyev, and the metal grilles for the windows were made by peasant Ivan Kharitonov. In November 1904, peasant Alexei Grigoryev from Kostroma province arranged the roof's framework and made a wooden neck for the dome, sheathed with boards. Roofer Yakov Sumerkin completed the roofing work in the spring of 1905. At that time, 60,000 bricks were brought from the Dunaev factory. In this construction season, all general construction work was completed, and preparations began for the installation of the iconostasis and the decoration of the church. In March 1907, boards for writing icons were sent to St. Petersburg, and a contract was signed with carver Pavel Nikandrovich Shusharin for the manufacture of the iconostasis. In September, 500 invitations for the solemn consecration of the new church were printed at Nikitin's printing house in Rybinsk.