The Historic Elevator was built in 1907 by Jewish businessman Nesim Levi Bayraklıoğlu. At that time, there was a height difference of approximately 58 metres between the two main streets in the Karataş district of Izmir. This height made the passage between the Halil Rıfat Paşa and Mithatpaşa neighbourhoods, two neighbourhoods connected to each other, seriously difficult.
In daily life, passage between these two neighbourhoods was only possible via a 155-step staircase. According to one account, one of Nesim Levi's close friends fell down these steep stairs and was seriously injured. In response to this incident, Levi had the elevator built for social benefit, without any profit motive, saying, 'People should be able to travel more easily and safely'.
With this feature, the Historic Elevator is considered to be one of the first large structures built with a sense of social responsibility in Izmir. It is also of great architectural importance as it is one of the rare examples of such vertical transport systems in Turkey in the early 20th century.