Built between 1823 and 1826 according to the design of provincial architect P. I. Fursov, the fire tower united the previously erected flour and red rows, becoming the center of an expressive ensemble in the style of early classicism. The main building, which has a cubic shape and is adorned with a powerful six-column portico in the Ionic style, resembles a theater. The tower itself is distinguished by its elegance: the octagonal pillar at the bottom is decorated with four porticos and is topped with a turret featuring a circular walkway on brackets.

In 1834, Emperor Nicholas I, who visited Kostroma, was impressed by the tower, noting that there was none like it in St. Petersburg. Since then, it has been considered the best fire tower in the Russian province.

In the second half of the 19th century, the tower underwent several reconstructions. In the 1860s, extensive side wings were added to accommodate the fire depot. In the 1880s, the "lantern" on the watchtower was simplified, as seen in old photographs. However, in the 1950s, restorers returned it to its original appearance.

The fire tower of Kostroma has almost always been used for its intended purpose, and until recently, it housed the regional fire department. In 2005, the tower was transferred to the Kostroma Museum-Reserve, and the lantern of the tower now serves to house cellular communication antennas.