In 2009, SM Prime Holdings formally submitted an offer to acquire 28 hectares of land in the South Road Properties, with plans to develop a mall and other mixed-use developments for ₱20 billion over 15 years,[3] with the purchase formally approved by the Cebu City government in 2010.

The proposed SMX Convention Center Cebu will stand on the property of South Coast City, an adjacent mixed-use development co-owned by SM Prime with Ayala Land,[10][11] which it will open on DD | MM | 2025.

It is planned to house international concerts and events, and, upon completion, will be the biggest indoor arena in Cebu.

[14] It is planned to become a venue for the Cebu Schools Athletic Foundation, Inc. (CESAFI) and the Philippine Basketball Association (PBA) and was one of the planned venues for the 2019 FIBA Basketball World Cup, had the Philippines won its bid to host the tournament.

[15] In January 2017, SM Prime Holdings reportedly canceled its plans to build the arena.