Along the foreshore of the Fort area is the Galle Face Green Promenade, built in 1859 under the governance of Sir Henry George Ward, the Governor of Ceylon (Sri Lanka) during British colonial era.

Known as Kolonthota, the area became notable as the site of the first landings of the Portuguese in the early 16th century and became one of their trading posts in the island.

The Portuguese developed their trading post into a fortified base and harbour to extend their control of the interior of the island.

A detailed account of the first Portuguese settlement and fort can be found in the 1681 journal of Captain João Ribeyro;[2]"Colombo was at first only a factory palisaded round about; it was soon made more extensive, a small fort was built and at length it became a very pretty agreeable little town, with twelve bastions and an esplanade.

The town fronted a bay capable of containing a great number of small ships but they were always exposed to the north-wind; it was 1300 paces in circumference.

The town's religious missions are said to have been numerous; from several of Our Lady's, St. Lawrence's, Cordeliers, Dominican, Augustine, Capuchin, House of Mercy to a hospital.

The Dutch demolished the Portuguese-built fortification and reconstructed it to take advantage of the natural strength of the location between a lake and the sea.

[4] Following the British acquiring control of the Dutch-controlled areas on the coast of the island, the fort became the center of its administration.

A warehouse, known as a Pakhuis, which linked the fort and the outer defenses and was fortified with thick masonry in order to withstand bombardment from the sea also still remains.

SLNS Parakrama the Naval headquarters of the Sri Lanka Navy is located along Flagstaff Street.

Along the Janadhipathi Mawatha (formerly Queens Street) is the location of the Central Bank of Sri Lanka and the old General Post Office.

Fort is home to the head offices of many banks and business, hence it is considered the financial district of Colombo.