On April 18, 1506, the cornerstone of the current St. Peter's Basilica was laid in the Vatican by Pope Julius II. From the article:
"...Peter's Tomb
Afterwards, some of his friends took Pete's body and buried it in the nearest cemetery. That was just outside and to the right of the stadium. The tomb of Peter is still there, underneath the front of the Papal Altar and about 20 ft. below the floor level of the basilica.
Constantine's Basilica
When Christians were eventually given their freedom (313), under the Emperor Constantine, after more than two hundred years of persecution, it was decided to build a basilica above the tomb of the Prince of the Apostles. Many things had changed in those two hundred years. Christians had become so numerous in Rome that persecution was judged counter productive. Contrary to pagan practice, Christians assembled frequently for worship. They needed increasingly large buildings - much larger than the tiny pagan temples of the past. Constantine saw to the building of a number of these "Basilicas" and especially to the largest of them which was erected above the tomb of Peter on the slope of the Vatican hill.
Michelangelo's Basilica (1506-1626)
That building lasted throughout the centuries until 1500. It was then in such a state of disrepair that Pope Julius II decided to replace it with a new and more magnificent structure. Work began in April 1506. Many great artists were involved in its construction and decoration: Bramante, Sangallo, Raphael, Michelangelo, Maderno, Della Porta, Bernini, Fontana. The most notable contributions, however, are those of Michelangelo, Maderno and Bernini. At the age of 72, in 1546, Michelangelo was obliged to undertake the building of the present Basilica by Pope Paul III. When he died, the construction of the Greek Cross section surrounding the Papal altar and the tomb of Peter had been completed only as far as the top of the drum: the large windows which are underneath the upturned bowl of the dome. The bowl itself, changed in shape from the half rounded shape of Michelangelo's design to the half oval shape of today, was completed by Della Porta in May 1590. The Pope was Sixtus V..."