The park is part of the larger 62-acre (25 ha) McKay Bay Preserve.

The complete McKay Bay Park and Greenway encompass about 200 acres (81 ha).

The preserved area is operated in a partnership between the City of Tampa, Hillsborough County and the Southwest Florida Water Management District.

The land was purchased using the Hillsborough County ELAP Program in 1990 and a smaller parcel on the Palm River was purchased in 2000 by ELAPP and the State of Florida Greenways and Trails Program.

A large tract of land along the southeast shoreline is owned by the Southwest Florida Water Management District, and used as a spoil disposal area for the Tampa Bypass Canal.