The restoration of the monastery began in the 1990s. Clergy and parishioners from churches in the Caucasian Mineral Waters region, as well as representatives of the Cossacks, actively participated in clearing the territory and constructing the St. George Church. This church was consecrated on August 28, 2001, by Metropolitan Gideon of Stavropol and Vladikavkaz, marking the beginning of a new era in the history of the Second Athos Monastery.

Since April 2014, the construction of the majestic main cathedral of the monastery in Byzantine style, dedicated to the Dormition of the Most Holy Theotokos, has been underway. The area of the cathedral is 500 square meters. The walls of the church are faced with shell limestone and terracotta tuff, and their height reaches 28 meters.