Announced in April 1953, the shopping center was built on the 48-acre site of the former Oakland Speedway automobile racing stadium, and cost $25 million to build, and an additional $6 million to build the anchor department store, a 200,000-square-foot (19,000 m2), three-story Macy's.

The architect (including for the interior) for the Macy's store was John Savage Bolles, who had designed Candlestick Park and also designed interiors for Macy's Hilltop Mall in Richmond, Hillsdale Shopping Center in San Mateo, and Valley Fair in San Jose, and interiors for the renovation of the Macy's Union Square San Francisco flagship store.

[4][5] The mall shop area (outside Macy's) was open-air and in an L-shape, split-level (i.e. on two levels, but not two stories one on top of another).

The abandoned Ward's store was demolished and in October 2002, a 145,000 sq ft (13,500 m2) Target Greatland opened on the site.

[13] The Macy's continues to operate and the mall is enclosed, but by 2012, the other anchors were more typical of those in a power center: big box stores Kohl's, Staples, Old Navy, PetSmart, Bed Bath & Beyond, and 24 Hour Fitness.

[14] According to the city of San Leandro in a 2016 study, Bayfair has been successful in transforming itself to a tenant mix that meets with current needs.

[18] In 2018, the city of San Leandro adopted a plan to transform the Bay Fair neighborhood, including the mall and areas around it, into a transit-oriented "village", a high-density, mixed-use neighborhood with a street grid of small blocks to encourage walking and cycling, and including small parks and space for community events.