[4] The plan in 1986 was for a $50-million building to be available by mid-1988, including office, retail and parking space, with Famous Players as a central tenant for six of twelve proposed cinemas.

The initial investors were Halifax Developments Ltd and Atlantic Shopping Centres Ltd, which as of 1991 remained co-owners of the mall.

[11][8] The northern part of the mall originally comprised an eight-storey structure (a parking garage atop the retail levels) designed to accommodate the construction of a second tower on top at a later date.

An 11-storey residential tower, called the Martello, was constructed at a cost of $22 million on top of the car park and opened in 2005.

In June 2018, Park Lane was sold by Crombie REIT to Halifax-based Universal Realty Group.