The market building stretches between the Triple Bridge and the Dragon Bridge, on the right side of the curve of the Ljubljanica River. The 1895 earthquake destroyed an old monastery. After the damaged building was removed, Vodnik Square provided a venue for an outdoor market.

The present market building was designed by Joze Plecnik, which reflects Renaissance influences. Plecnik believed that the market buildings should be an integral part of the monumental city space, o he designed it according to the classical model. He developed a continuos line of buildings between two bridges, consisting of a pavilion, a pillared row of kiosks and a temple following the river curve. It was conceived as a two-storey market hall. On the side overlooking the river the market halls have large semi-circular windows, while the street side is defined by a colonnade. In order to provide views of the river, the building is interrupted with two open-columned loggias. The roof is covered with massive concrete tiles.

Plecnik planned to fill the middle gap between the market halls with a monumental covered bridge to connect two parts of the city similar as the Rialto bridge in Venice by Andrea Palladio. His plans for a bridge were fulfilled in 2010 when the newly designed Butchers' Bridge was inaugurated.