The opening ceremony of the monument took place on December 19, 2008, specifically chosen to honor the feast of Nicholas the Wonderworker. The sculpture was installed near Nikolskaya Hill, behind the city's drama theater. Nearby is a chapel, which is also a monument, established in memory of the 1854 event when the city's defenders successfully repelled an attack by the combined forces of England and France, which significantly outnumbered the Russian garrison in soldiers and artillery.

The sculpture was created by artist Sergey Isakov. The monument was funded by the Saint Nicholas the Wonderworker Foundation, which is dedicated to installing similar monuments to saints across the country.

The monument stands three and a half meters tall and weighs over a ton. The saint's visage faces east, in accordance with Orthodox tradition. The image of the saint is reproduced from a very ancient and rare icon, making this statue unique. In the saint's hands are depicted a sword pointed upwards and a building of a temple, symbolizing the strength of faith.