It was part of the Franciscan complex founded in 1573, which became the largest convent in the colony. 

In the 17th century, the convent became Conceptionist and was rebuilt. 

Its twin facades appear to be inspired by the facade of the Metropolitan Cathedral and combine Baroque and Neoclassical elements. Its bell tower is covered in Puebla tiles. 

Inside, the main altar is in Neoclassical style, and there is a 17th-century painting of Our Lady of Balvanera.