It was built in 1694-1698 (replacing an earlier building on the site). It served as the seat of government of the Republic of Zurich until 1798. Since 1803, it has been owned by the Canton of Zurich, housing both the cantonal and the city's municipal parliaments. It is built on a fundament anchored in the Limmat river, now facing the Limmatquai at a bridge, the so called Rathausbrücke. In 1838 an embankment was constructed along the east bank of the river in front of the old town houses, creating the Limmatquai; the Rathaus and Wasserkirche originally built on islands in the river, now stood on peninsulas.