The bridge was named for Evergreen Point, the westernmost of the three small Eastside peninsulas that SR 520 crosses.

In response to these hazards and the need to expand the current infrastructure, construction on a replacement began in 2012; the new bridge opened in April 2016.

[6] It was built as a four-lane toll bridge to provide easy access from Seattle to Eastside communities such as Bellevue, Kirkland, and Redmond.

[citation needed] On November 4, 1972, two people drowned after their boat drifted and collided with the bridge's windward side during a winter storm.

[17] Just five years after the bridge opened, a study commissioned by the state legislature was completed to figure out how to provide for the great demand for cross-lake transportation.

[18] Other plans considered in the late 1980s proposed the addition of rail transit or bus lanes to add capacity.

[22] The bridge needed to be closed to traffic in high winds, and even after a seismic retrofit in 1999, it was at risk of collapse during an earthquake.

Due to the weight of various reinforcements over the years, the bridge deck ultimately sat about 1 foot (30 cm) lower over the water than it did originally.

Additionally, vibrations induced by storm surges and strong winds could have compromised the drawspan, anchor cables, and pontoons, subjecting them to structural failure.

[23] Even for storms below the maximum threshold for failure to occur, Washington State Department of Transportation (WSDOT) still closed the floating bridge to traffic.

The original bridge carried two lanes of traffic in each direction, but did not include emergency shoulders or pedestrian and bicycle crossings.

[25] On April 2, 2016, WSDOT held a grand opening ceremony, allowing the public to explore the top deck of the new bridge on the westbound side.

An independent auditor stated that there had been a long-running pattern of poor-quality work and that WSDOT failed to force Kiewit to take corrective actions.

An inspector for the construction called it a disaster waiting to happen, adding "I won't drive across that bridge when they have it built.