The Assumption Church, which has survived to this day, was built along with the refectory using funds from Vasily III between 1543 and 1549. The construction was carried out by Rostov masters Pakhomiy Goryainov and the famous 16th-century architect Grigory Borisov. The refectory was a characteristic building of that time: a rectangular volume set on a basement, with a main hall whose vaulted ceilings were supported by a central column. The Assumption Church was adjacent to the eastern wall of the refectory, but not in the center, rather closer to the southeast corner. This unique structure took the form of a three-tiered pillar: the two lower tiers were polygonal, the first serving as a basement, while the church was located in the second. The third tier, with open arches, functioned as a bell tower, which is why the temple was historically referred to as 'the one under the bells.' In the second half of the 17th century, the church received a new completion: a drum with an onion-shaped dome was placed on the octagonal base.

In 2006, on Kamen Island, by the decree of Archbishop Maximilian Lazarenko of Vologda and Veliky Ustyug, the episcopal residence 'Spaso-Kamen Monastery' was established, with Igumen Dionysius, of the Exaltation, as its abbot. In 2009, the first service was held in the Assumption Church, and on August 17, 2010, Bishop Maximilian consecrated the church, after which services became regular. By 2010, in time for the 750th anniversary, the restoration of the Assumption Church-bell tower was completed, in the second tier of which a small church was arranged in honor of the Assumption of the Blessed Virgin Mary. The official revival of the monastery took place on October 6, 2017.