The park design is optimized to provide access to water and green space, connect the surrounding neighborhoods, and celebrate the cultural, industrial, and maritime heritage of the city and region.

Lake Union Park includes restored shoreline, a pedestrian bridge, a model boat pond, a history trail, a fountain of water jets, a beach for launching boats, a footprint for The Center for Wooden Boats' new Education Center (future facility), a grove of trees, a Great Lawn, footpaths, park benches, and infrastructure that can support large events.

In 2012, the Armory was fully restored and reopened as the new home of MOHAI, Seattle's Museum of History & Industry.

Office space in the Armory was occupied by Seattle Parks and Recreation and several nonprofit groups, including the Center for Wooden Boats, the Virginia V, Seattle Parks Foundation, and Associated Recreation Council until early 2011, at which point renovations began to make it the new site of the Museum of History and Industry (MOHAI).

Supporters included Mayor Norm Rice and Paul Allen who later developed real estate in the area instead.