[2] One event of historical note occurred on February 19, 1981, when Pope John Paul held an open-air Papal Mass on the airport's runway.

[3][4] The airport was finally closed in 1989, after it was acquired by Cebu Property Ventures, Inc., a subsidiary of Philippine property developer Ayala Land, just a couple of years after the same developer acquired the nearby Club Filipino golf course (which would later become the site of the Cebu Business Park).

Tenants in IT Park include Cebu Bombardier, NEC, SPI Tech, 1&1 Internet Philippines, Inc., Aegis (now acquired by Teleperformance), Concentrix (formerly Convergys, which later acquired both eTelecare and Stream), Qualfon, Promotional USB, Accenture, NCR, IBM, Microsoft, Xlibris/Author Solutions, JP Morgan Chase, WorldRemit, Epson and 24-7 Intouch.

In January 2010, IBM inaugurated its 2nd Global Delivery Center at TGU Tower.

Also located adjacent to the mall's complex is a Seda Hotel and two office buildings, with the whole Central Bloc complex serving as Ayala's mixed-use development centerpiece of the business park, similar to its larger neighbor Ayala Center Cebu, which is located in the center of the larger Cebu Business Park that is just nearby.