This is one of Crete's most famous monasteries. It played an important role during the years of the Cretan Renaissance, both in the letters and the arts, and, during the last centuries of Venetian rule, it was known for its many scholars, artists and venerable monks.

The «General Provisioner» Antonio Priuli made it in 1666 and it is situated today behind the "Bodosakeio" Primary School (in the area of the Venetian Dermata Gate). He decorated it with round and square columns with Corinthian type capitals, while a triangular pediment crowns the whole construction. From both sides of the columns there are niches with their metopes elaborately decorated. In the middle of the fountain there is a Turkish inscription where there is a reference to the name of the Turkish pasha who managed to bring water again in the fountain.