The Palazzo was owned originally by Francesco Maria Balbi, followed by Marcello Luigi Durazzo and finally by Edilio Raggio, retaining the current placename.The building is of Seventeenth Century origin and was part of the ambitious project to build a road of huge importance for the city commissioned by the Governing Authorities of the old Republic of Genoa with an edict issued on 9 July 1601 signed by Gio. Andrea Costa.The construction of the new road had been justified both for economic reasons – it would raise money for the Republic – and for reasons relating to city planning and public benefit. The records of the Magistrature of the Fathers of the City Council illustrate.
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