The Palazzo della Ragione, in Milanese Palazz, is located in Piazza dei Mercanti in Milan. Palazzo della Ragione was the ancient new Broletto of medieval Milan. The Palace was built in 1251 when it was erected by the will of the mayor Aliprando Faba as a simple open portico for assemblies, arbitrage and ordinances. The Palace remained unchanged until 1773, when the Empress Maria Theresa of Austria gave orders to the architect Francesco Croce. In 1854 the portico on the ground floor was closed with windows supported by cast iron lattices, and the ceiling was later replaced by sail arches. Between 1866 and 1870 the Palazzo della Ragione housed the first headquarters of the Banca Popolare di Milano. During the seventies, the structure and heating systems began to be consolidated and restored, as well as the flooring and the insertion of the safety ladder. The Palazzo currently hosts exhibitions or temporary events.