Naraghi Lake was excavated in the 1980s as one of a planned series of water features intended for a substantial residential and commercial development complex situated across both sides of Oakdale Road.

The lake derives its name from the Naraghi family, prominent landowners in the area who spearheaded the initial development plans.

[1] However, shortly after the excavation of the lake, the Naraghi development project encountered financial and market difficulties, resulting in its abandonment.

It was open to the public for fishing and recreational use until 2004, when liability issues and problems related to people dumping invasive species into the lake including a fish related to the piranha, finally prompted the Naraghi family to fence in the perimeter.

These include transforming it into a city park, constructing private residences along its perimeter, and developing apartment or office complexes on the property.