In 1922, during the auctions for the sale of plots in the new project at the center of Thessaloniki, Eli Modiano bought seven plots in the area where the Arch-Rabbinate was located. In 1923, he began the construction of a roofed gallery between the new streets of Ermou and Vasileos Irakleiou. The covered market that became known as the Modiano Market was inaugurated in 1925. It includes 144 food stores, each occupying ​​5-30 sq.m. Three axes, transverse to the above streets, function as internal passages in the market. For many years, the market has hosted fishmongers, egg sellers and grocers. Following certain ownership changes, the Modiano Market has closed, with the prospect of its redesign and modernization. In 1995 it was listed by the Ministry of Culture as a historic monument.