The land and an earlier palace are likely to have belonged to a religious order that was abolished by the Marquis of Pombal who was effectively the ruler of Portugal between 1750 and 1777.

[1][2] With the death of Lima Mayer in 1918, the building was sold by his heirs, being purchased by Artur Brandão.

As a first step he formed the Avenida Parque Company (Sociedade Avenida Parque), which initially offered activities of the type found in village fairs in Portugal, including wrestling and boxing matches, merry-go-rounds, and shooting galleries.

In time, it became known for showing pornographic films, including the first Portuguese screening of Deep Throat.

[1][2][9] At the end of the 1970s, the area began to decline in the face of television and alternative entertainment opportunities.

In the 1990s a plan proposed the demolition of the Teatro Variedades, with the construction of housing, offices, stores and cinemas.

[1][2] At the end of the 1990s, the British architect, Norman Foster, was asked to create a new revitalization project for Bragaparques, a company that operates car parks, which had become the owner of the site in 1999, paying 13 million Euros.

This transaction was subject to legal disputes, resulting in Bragaparques once again become the owner in 2012, following a court order.

Five companies competed, with the winning proposal returning to the idea of extending the Botanical Gardens, while maintaining theatres and other services.