Much of the land on the new park was reclaimed to recreate a historical 1850s turning basin and timber wharf with sculptures by Bruce Armstrong and Geoffrey Bartlett recalling the site's maritime history.

Throughout the 19th century the main port of Melbourne, today known as the Turning Basin, directly east of the park, dictated the use of the surrounding land for cargo facilities and rail yards.

In the late 19th century more substantial wharfs and docks were constructed in deepened waters downstream, abandoning the cargo facilities and rail yards at the site.

The park was home to Ron Robertson-Swann's Vault sculpture, commonly nicknamed the "Yellow Peril", which was relocated several times throughout the 1980s and 90s.

Prior to the construction of the Upper Yarra Dam, the site flooded more regularly, depositing silt and soil, creating swamp and wetlands.