In 1903, a monument to Peter I, the founder of the city and Emperor of Russia, was installed on Petrovskaya Street. Before this, a suitable sculptor and location for the monument were sought for a long time. The choice fell on Mark Antokolsky, and the installation site became Petrovskaya Street.

The bronze figure was cast in Paris at A. Gruye's workshop. The first casting failed, and Antokolsky rejected it. The second was so successful that the sculptor was thrilled and wrote to Jordanov that the statue was excellent and looked better than the original.

The foundation for the monument was laid at the gates of the city garden on September 12, 1898, on the 200th anniversary of the city. A wooden silhouette of the tsar and pedestal, painted gray and black, was installed at the future monument's site.

In the spring of 1901, work began on creating a round platform with a park at the monument's installation site. The following year, craftsmen under Edwards' guidance began installing the pedestal. A month before the bronze figure was installed, a crack was discovered in the pedestal, which was quickly repaired by a master from Odessa.

On April 16, 1903, the statue of Peter I was installed on the pedestal under the supervision of P.F. Jordanov. The monument remained covered until the opening day.

In 1924, the monument was removed from the pedestal. On October 3, 1940, it was relocated to a new site, near the destroyed Trinity Church, overlooking the port, where it remains today.

The pedestal of the monument bears the inscription: "To Emperor Peter I - Taganrog 1698, 1898," indicating the 200th anniversary of Taganrog, in honor of which the monument was created.

The emperor is depicted in the uniform of an officer of the Preobrazhensky Regiment, with a cane in his right hand and the hilt of a sword in his left. He wears the Order of Andrew the First-Called on his chest, and an order ribbon is draped over his shoulder.

The monument is considered one of the most memorable in the Rostov region. It is the only surviving "author's" bronze monument by M.M. Antokolsky, cast under his personal supervision. The plaster model of this monument is kept in the State Russian Museum.