Opened on February 10, 2016,[1] the facility is home to the Toronto Raptors of the National Basketball Association (NBA), and owned by the team's owner, Maple Leaf Sports & Entertainment (MLSE).

It is named for October's Very Own, the Canadian lifestyle brand founded by Aubrey "Drake" Graham, Oliver El-Khatib, and Noah "40" Shebib.

[7] The team had trained on a practice court located within the Air Canada Centre (now the Scotiabank Arena) since its opening in 1999, and a new facility would allow this space to be repurposed into a restaurant or nightclub.

[12][13][14] Construction began in November 2014,[6][2] with the facility completed in time for the team's hosting of the NBA All-Star Game in February 2016.

The annual CNE Lions Club youth baseball tournament, which had been played at the diamond, was moved to Coronation Park, east of Exhibition Place, as an interim measure.