Regarding the history of the building (ref: Atlas of Cultural Heritage of Trieste), it was designed in 1824 by architect Matteo Pertsch. The present appearance of the building almost faithfully reflects the original idea of the author; compared to the design signed by Pertsch, some changes have been made: the pilasters are striped, while originally they were drawn smooth, the themes represented in the relief panels are different, and the sculptural group crowning the facade was not executed in the realization. In the course of work, moreover, the attics were partially raised to a design by Giovanni Scalmanini.
The attribution of the decorative panels of the facade is still open; the matter is related to a dispute between Matteo Petrsch and the sculptor Antonio Bosa, who had originally been commissioned to execute the panels, which were instead most likely made by Luigi Zandomeneghi.
The name of the palace derives from the clothing store of Ignazio Steiner, who was located here in the early twentieth century.
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