The small island Tuchkov Buoyan appeared on the Little Neva after the flood of 1726. Initially, it was simply called Buoyan, then Penkovy Buoyan, and it received its modern name after the construction of a wooden flatboat bridge over the Little Neva, built by contractor Tuchkov.

In 1735, wooden warehouses were erected on the island for storing hemp, from which ship ropes were made at that time. The location of the warehouses was chosen with fire safety in mind, but they burned down in 1761. In 1763, military engineer A. A. Dyakov began the construction of a stone building based on a project by A. A. Dedenev, which was revised by A. Rinaldi in 1764. The construction was completed in 1772.

The central two-story building of the warehouses (rooms for weighing hemp) is surrounded by symmetrically arranged rectangular barn structures. They were originally intended to be two stories high, but during construction, each floor was divided into two low floors. The barns are connected by important covered galleries. The complex also included a building for sorting flax and hemp, hidden behind an elongated facade. Inside, the warehouses are divided by solid walls into sections, and columns in the center of the sections support arches and cross vaults. The balcony of the warehouses is adorned with a wrought iron grille, made in 1772 according to Rinaldi's design.

It is unknown when and why the building began to be called the "Biron's Palace." This name was used in official documents until the early 20th century. In 1908, I. A. Fomin, preparing a Historical exhibition, discovered blueprints of the hemp barns and disproved the "romantic" version of the history of Buoyan in the article "The Imaginary Palace of Biron": "From the inscriptions on the blueprint, it is evident that the building was specifically constructed for the hemp barns, sorting house, and warehouses... and, therefore, it was never 'Biron's Palace.'"

From 1902 to 1905, the city expanded the dam of Tuchkov Bridge, connecting Tuchkov Buoyan with Petrograd Island. In 1908, the Emperor approved a second project for the expansion of Petrograd Island. By 1911, the channels between Tuchkov Buoyan, the adjacent islets, and Petrograd Island were filled in. Only Vatny Island remained separate with the warehouse of the Main Administration of Non-Excise Collections and State Sale of Spirits. During this period, the building was still used as warehouses, and part of the city archive was housed in the warehouse.

In the 1910s, Tuchkov Buoyan faced the threat of demolition. In 1912, the St. Petersburg Society of Architects, together with the City Duma, held a competition for the development of the Tuchkov Buoyan area with buildings for exhibitions and congresses. The competition program provided for the creation of a permanent exhibition complex covering almost 25 hectares. In 1913, the City Duma revisited this issue, expanding the program to include buildings for museums, city history, landscaping, and urban management, and artistic industry. The program's requirements did not include the preservation of Tuchkov Buoyan. I. A. Fomin was the only one to propose preserving Tuchkov Buoyan, including the building in the planned complex and suggesting placing the Museum of the City in it. It is said that Oskar Munts remarked, "It's just a barn."

From 1931 to 1938, the left wing was reconstructed according to the project of engineer Borovik for the State Scientific Research Institute of High Pressures. From 1945 to 1948, the right wing was reconstructed, where the River School was located.

In 1967, the buildings became part of the sports complex of the Small Covered Arena. Today, it houses the Military-Space Cadet Corps.

The creation of a walking area in this territory was revisited even during the Soviet era, but the project was not realized. The widely discussed project for the construction of the "Europe Embankment" remains in limbo.