After a period of decline in the 1990s which included the closure of all four anchor stores, the mall was closed entirely in 1998 and officially reopened as NetPark Tampa Bay a year later.

Prior to the opening of East Lake Square, its development led to concerns from owners of other local shopping mall properties regarding market saturation.

Grant Donaldson of The Tampa Times stated in March 1975 that many merchants of Northgate and Floriland were "dumbfounded" by the construction of East Lake Square Mall.

[1] DeBartolo had begun construction on the mall by the end of 1975, at which point JCPenney, Montgomery Ward, and Belk-Lindsey were confirmed as the three anchor stores.

In addition, the mall was the scene of several crimes, including car vandalism, shoplifting, and armed robbery.

Despite this, representatives of John Hancock and Divaris Real Estate, whom they had hired for management and leasing, had begun proposing redevelopment of the property.

[17] As a result, John Hancock Financial announced a plan for renovation into a business park composed of offices.

Research conducted by Cherry concluded that Tampa had the highest number of call center employees in the country, and thus decided to include those as part of the conversion.

Other tenants installed by John Hancock included security, child care, and a fitness center for employees of the complex.