The Annunciation Church on Nikolskaya Street in Kostroma was built in 1804 as part of the regular city redevelopment that began in the late 18th century. The stone building of the Annunciation Church was constructed from 1790 to 1804 on one of the central streets of the city, on the site of the burned wooden church of Nikola Ratny, one of the oldest in Kostroma.

In 1929, the church was closed, and in the mid-1930s, the lower part and upper tiers of the bell tower were destroyed. Since then, the building housed a bread factory.

The Annunciation Church is one of the few remaining religious structures in the development of Kostroma from the 19th and early 20th centuries. Despite the losses, the building has preserved important architectural elements, allowing for restoration work to be carried out.

During the restoration conducted from 2009 to 2014, work was done to restore the brickwork, manufacture and install a cross, insulate the vault of the octagon, as well as manufacture and install windows and doors. Additionally, exterior finishing of the refectory and facades was carried out, along with roof restoration.