Until the 16th century, Yaroslavl was entirely wooden, but in the 17th century, active stone construction began. The Kremlin and the Earth City were fortified with sixteen powerful towers, four of which served as city gates. The towers monitored the borders, and each housed a garrison for protection against enemies. Only two towers have survived to this day: the Volga (Arsenal) and the Vlassievskaya (Znamenka).

The Vlassievskaya or Znamenka tower was located along what is now May Day Street and served as the main gate to the city, from where the road to Uglich began. Now, near the tower, there is a square named after the founder of the first Russian professional theater, Fyodor Volkov. Until 1917, the square was called Vlassievskaya, and then until 1937, Theatrical. Historians consider this place to be the oldest part of Yaroslavl. In the 17th century, a chapel was added to the tower, which was rebuilt into a church two centuries later. Notably, during Peter I's reign, taxes were collected at the tower gates for unshaven beards and old-fashioned clothing. It is known that in 1711, 360 rubles were collected for 73 beards. By the end of the 18th century, with the beginning of regular construction, the old defensive structures lost their significance. Many of them were dismantled, but the Vlassievskaya tower survived.

Until 1980, the architectural complex of the tower and the church was surrounded by buildings of Yaroslavl State University and a hotel owned by merchant Rafail Kokuyev. Later, the hotel was demolished, and the square with the Vlassievskaya tower took on its modern appearance.