The park was named after Julio Enrique Monagas, "the father of Puerto Rican Olympic sports".

[7] In November 2017, the park was severely damaged by Hurricane Maria and, as of today (January 2021), remains closed.

In April 2019 the USACE removed debris and, upon completion, the Government of the Municipality of Ponce proceeded to perform cleanup activities.

[10] In late September 2019, mayor Mayita announced the allocation of $3.9 USD million for the reconstruction of the park.

The funds, however, were to be shared with reconstruction of Teatro La Perla, Complejo Recreativo de La Guancha, Centro Ceremonial Indígena de Tibes, Plaza del Mercado Isabel II, and Complejo Acuático Víctor Vasallo.