In 1911, a two-story building was erected in the center of Korenovskaya stanitsa. The first floor housed a merchant bank, while the second floor contained a mixed progymnasium for children from wealthy families. The school day for the gymnasts began with a service in the Church of St. Nicholas the Wonderworker, which was located in the same building.

After the October Revolution of 1917, a teacher training college and an aviation school were established here, and after the Great Patriotic War, a topographic military unit. In the 1980s, the military moved to a specially built town, and the building was left abandoned.

In 1991, Archimandrite Vissarion (Makarov), who led the Holy Assumption parish, received an old pre-revolutionary mansion from local authorities to establish a monastery. The first residents, along with the abbot, actively engaged in its restoration. On May 21, 1992, the Holy Assumption Women's Monastery was approved by the Holy Synod, and in August of the same year, Archbishop Isidore of Ekaterinodar and Kuban consecrated the new abode. This was the first women's monastery opened in Kuban after a seventy-year hiatus.

The old mansion became the monastery's church. The main church of the Assumption of the Blessed Virgin Mary, consecrated on November 4, 1993, is located on the first floor. In memory of the former church, a left chapel dedicated to St. Nicholas was arranged. Nearby is a small church in honor of the icon of the Blessed Virgin Mary "Joy of All Who Sorrow." The churches are modest, without lavish decorations, but the special atmosphere of prayerful silence attracts pilgrims here.

The monastery has its own water sources. A well in the name of the Kazan Icon of the Mother of God, dug by the sisters, was previously used for blessing water on Epiphany. Opposite is another well with holy water, as well as a bathing area in honor of the icon of the Mother of God "Life-Giving Spring."

The monastery is surrounded by a stone fence, and there is a prosphora bakery, a spacious refectory, and a guesthouse for pilgrims. In 2002, a bathing area "Life-Giving Spring" was built. In 1998, a chapel with a Holy Altar in honor of the Smolensk Blessed Virgin Mary and the resurrected righteous Lazarus was erected at the monastery cemetery. The residents maintain order and carry out repairs. On the property at 85 Buvaltseva Street, there is a Holy Altar in honor of the Assumption of the Blessed Virgin Mary and a domestic church in honor of the Smolensk Blessed Virgin Mary.

Every Thursday, a moleben with an akathist to St. Nicholas is held at the monastery. Services are conducted on Saturdays, Sundays, and on major feast days. On Fridays, a water-blessing moleben with an akathist to the Blessed Virgin Mary "Queen of All" is performed. On Sundays, after the liturgy, a water-blessing moleben with an akathist to Jesus the Sweetest is held. Funeral liturgies and memorial meals are often served. On weekdays, the monastery rule is read, and between services, the sisters read the unceasing Psalter.

On Sundays, a Sunday school for adult parishioners operates. A Prayer Room is available at the Korenovsk Psychiatric Boarding House.