It underwent multiple expansions in its history, the first of which added a Jordan Marsh department store and an enclosed mall concourse.

The center's vacancy increased in the early 1990s due to competition from Orlando Fashion Square and complexities with the property's layout, with Jordan Marsh, Dillard's, and Belk all closing between 1991 and 1995.

Major tenants include Total Wine & More, Hobby Lobby, Ross Dress for Less, Staples, Bealls Outlet, Marshalls, Old Navy, Big Lots, Barnes & Noble, and Petco.

The site chosen for the center was the corner of Colonial Drive (Florida State Road 50) and Bumby Avenue, on land previously used as a cow pasture.

Morris Lapidus served as architect, while development, construction, contracting, and engineering were handled by the R. M. Thompson Co. of Clearwater.

[12] In 1961 and 1962, the center underwent its first expansion, consisting of 30 new storefronts facing an enclosed, air-conditioned mall concourse, and ending in a 230,000-square-foot (21,000 m2) Jordan Marsh department store.

This expansion increased the size of the property to 600,000 square feet (56,000 m2) and over 57 stores, making it the largest shopping center in Florida at the time.

[13] Jordan Marsh's store featured a mix of "tropical colors" and pastel tones, along with Venetian glass and rosewood paneling.

It was also the first four-story department store in Orlando, and flight attendants of Eastern Air Lines were present to instruct shoppers on the use of escalators.

[16] Colonial Plaza marked a shift in shopping patterns for the Orlando market, as many major retailers that had been previously operational downtown had moved either to it or to other suburban developments.

Among the new tenants in the South Mall were Casual Corner, Waldenbooks, Spencer Gifts, and relocations of Kinney Shoes and 5-7-9.

[21] Store managers noted that the new location would carry more women's designer clothing and sportswear, in addition to furs and year-round sales of swimsuits.

[7][23] An Orlando Sentinel article said that in 1972, prior to the opening of the expansion, Colonial Plaza had seen over 10.4 million visitors, who had spent approximately $60,000,000 (equivalent to $437,040,573 in 2023).

[24] Once the new Belk opened, their previous location in Colonial Plaza was converted to O. G. Wilson's, a catalog showroom chain then owned by the Zale Corporation, in 1974.

This expansion consisted of a two-story, 85,200 square feet (7,920 m2) Ivey's department store, which would connect to the existing property in front of Woolworth via a 45-foot (14 m)-wide hallway lined with kiosks.

In addition, the mall's parking lot was redesigned and re-landscaped, while the original strip of stores and the O. G. Wilson building were given new facades.

This opening marked the chain's return to the Orlando market, as its previous stores were sold to Ross Dress for Less in 1985 due to poor sales.

After Jordan Marsh was closed, the building was used to make a "tunnel" connecting to the South Mall, lined with artwork.

As part of the redevelopment, the former Belk was divided between Marshalls and a new location of Rhodes Furniture, while the latter's old store became Barnes & Noble.

[57] Following the closure of the Stein Mart chain that same year, their location in Colonial Plaza was sold to Sprouts Farmers Market.

[59] The center has a trade area of over 292,000 people within a 5-mile radius, and average daily traffic counts of 72,500 cars along Colonial Drive and Bumby Avenue.