During the first half of the 1930s, various Soviet publications questioned the known historical facts regarding the age of the Cathedral. It was declared to belong primarily to the Ukrainian Baroque style, rather than to the twelfth century as was previously thought, and thus did not merit preservation due to its lack of historical and artistic value.
This conclusion backed up the Soviet authorities' plans to demolish the entire monastery.
After the Ukraine regained independence in 1991, the demolition of the monastery was deemed a crime and voices started to be heard calling for the monastery's full-scale reconstruction as an important part of the cultural heritage of the Ukrainian people
The newly rebuilt St. Michael's Golden-Domed Cathedral was officially opened on May 30, 1999.