On the southern side of Sofia Square, formed after the destruction of the fortifications of the Small Earthen Town, at the intersection of three streets stands the stone church of Vlasiy, built in 1407. It replaced an older wooden church of the same name, erected in 1184.

In the past, the church was located on Volosovaya Street, which later became known as Vlasievskaya. The Christian cult of Vlasiy, the patron saint of cattle, adopted many features of the older cult of Volos or Veles, whom Slavic pagans revered as the protector of livestock. It is possible that an idol of Volos once stood on this site, where the wooden church of Vlasiy was later built.

The existing stone church of Vlasiy is a typical example of Novgorod architecture from the early 15th century. It is a small square building with a single dome, its facades featuring three-lobed finishes that reflect the structure of the vaults of various parts of the building.

The ancient vaults and dome of the church of Vlasiy have not survived. However, during the restoration after the war, it was possible to recreate them in their original forms, based on minor traces. Parts of ancient perspective, tiered portals with pointed finishes were discovered on the northern and western facades, which were fully restored according to the remaining fragments. It was also possible to recreate windows with pointed arches, based on ancient traces.