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The market was conceived in 1835 after piano makers Joseph Newman and his brother Elias Newman were given permission by the city to erect a market on the 1100 block of Hollins Street. In 1838, winds from a severe storm destroyed the original market, which was rebuilt the following year. The market found success in the following decades and expanded in 1864 with the creation of the current Italianate building, designed by architect George Frederick.