The building is Erie's sole surviving public market house. The market on 4th Street was one of four built in Erie around the same period. The others were the Central Market at 16th and State Sts. (1894), the Second Ward Market at 12th and Parade Sts. (1895), and the Parade Street Market House at 10th and Parade Sts. (1895). Today, it is a multi-use property named after the Modern Tool Company, a tool and die maker that occupied the old market house from 1902 until 1924.