The palace was designed by Michelozzo di Bartolomeo for Cosimo de' Medici, head of the Medici banking family, and was built between 1445 and 1460. It was well known for its stone masonry includes rustication and ashlar. The tripartite elevation used here expresses the Renaissance spirit of rationality, order, and classicism on human scale. This tripartite division is emphasized by horizontal stringcourses that divide the building into stories of decreasing height. The transition from the rusticated masonry of the ground floor to the more delicately refined stonework of the third floor makes the building seem lighter and taller as the eye moves upward to the massive cornice that caps and clearly defines the building's outline.
Michelozzo di Bartolomeo was influenced in his building of this palace by both classical Roman and Brunelleschian principles. During the Renaissance revival of classical culture, ancient Roman elements were often replicated in architecture, both built and imagined in paintings. In the Palazzo Medici Riccardi, the rusticated masonry and the cornice had precedents in Roman practice, yet in totality it looks distinctly Florentine, unlike any known Roman building.