PALLADIUM was built on a site of the former “Jiří z Poděbrad” Barracks on náměstí Republiky square in Prague 1 district. The Barracks had been under the army's ownership for more than two hundred years (1780s — 1996). There were many famous Czech personalities within the army crew, for example Josef Kajetán Tyl who wrote lyrics to a song that became Czech national anthem later on. The complex became dilapidated in the second half of the 20th century as the facilities were not used very much. While occupied by the army, the complex was completely closed to the public. It was not until the beginning of the 90s that the Ministry of Defence decided that the site should serve a more useful purpose and announced a tender for property sale, its reconstruction and extension.

It was a renown developer European Property Development (“EPD”), that won a tender and in May 2005 started construction works. After 2.5 years — 25 October 2007, PALLADIUM was open for public. Since then PALLADIUM has become a remarkable landmark of the city center and one of the most popular shopping destination in Prague.