Constructed between 1867 and 1871, the Cité Saoul was the result of an ambitious project by Saoul Modiano, owner of Modiano Bank, who was listed among the wealthiest citizens of the Ottoman empire. His ambition was to erect a building where numerous businesses would be housed. The building, probably designed by Vitaliano Poselli whose career is defined by architecture in Thessaloniki, was the biggest commercial gallery in town, housing 96 offices, shops, and workshops. Heavily damaged by the fire of 1917, it was reconstructed during 1925-27 by the architect Eli Modiano. What is left from the original building is the facade on Vasileos Irakleiou street, which served as the entrance of the Saoul Modiano Bank. The decorative medallion on the facade with the initials of its founder preserves his memory.