It was opened on February 1, 1986, and is home to the FIU Panthers basketball and volleyball teams.

The facility reverted to the FIU Arena name again from 2014 to 2018 before being renamed the Ocean Bank Convocation Center in 2018.

It is also used for banquets, conventions, concerts, trade shows, and graduations including FIU's own commencement ceremonies.

The arena was scheduled to undergo a $5 million renovation beginning in the summer or fall of 2010,[needs update] with a completion date of early 2011.

In January 2015, the Ocean Bank Convocation Center hosted the Miss Universe 2014 pageant.