Founded in 1591 by the order of the Discalced Carmelites, this convent was one of the most important in Vélez-Málaga. However, in the 19th century, during the Liberal Triennium, the building was disentailed and in 1821 the monks were evicted. The church became the property of the bishopric of Málaga, while the rest of the facilities, including its orchard, were sold to private individuals, and the orchard was transformed into a bullring.
In 1884, the church was removed from its liturgical use and converted into a theatre. Today, the only things that remain are the cloister, the Patio de la Meditación (Meditation Courtyard), which is integrated into the courtyards of the new buildings, and the theatre. The façade of the church, in the mannerist style, is an important testimony to its past. In the early 1990s, the theatre was refurbished to recover its function as the municipal theatre of the city of Vélez-Málaga.