The construction of the palace dates back to the second half of the 16th century, when the Becchi Counts decided to build their own representation residence in the city and chose a location - via della Ghiara, now Corso Garibaldi - which was particularly strategic for trade at that time. Already from the 15th century, several families of the city's elite settled here, so much so that we can speak of a real urban planning attention (intensified later with the construction - starting from 1597 - of the Basilica of Madonna della Ghiara), based on which a precise alignment of the facades and a careful perspective integration of the palaces into the road network was required, often through the addition of corner decorations. Palazzo Magnani also features this type of decoration: the marble herma depicting Janus Bifrons, a work by the sculptor Prospero Sogari, known as il Clemente, dated 1576. Only the planimetric layout that revolves around a central courtyard and the marble corner herma remain today from the original construction of that period. From the early 19th century, the Palace was transferred to another Reggio Emilia family, the Chioffi, who in 1841 promoted significant restorations. In fact, a complete reconstruction of the building in neoclassical style can be observed, especially in the internal and external facades and in the central staircase. During that period, the palace probably took on its current form, while the internal decorations and the frescoes on the ceilings of the rooms on the first floor were created over a longer period, until the late 19th century.