It was to rise on a 20-acre site that was part of a 300-acre, 1700-home housing de development in the city of Bayamon, eight miles southwest of the Puerto Rican capital.

[13] On October 2, 1967, a series of fires broke out in several American-owned stores in the San Juan metropolitan area, causing damage estimated at $1 million.

The newly enclosed shopping mall opened that year with 50 new establishments such as a Chuck E. Cheese restaurant, The Gap, Surf Line Borinquen, La Suela de Goma, Pearle Vision Center, Cine-Foto, Park Avenue Jewelry, Kress Kids, Arias, Radio Shack, Florsheim, and many other establishments of the time.

[23] On February 1, 1986, a new food court named the “Food & Fun Plaza” opened on the second level of the mall with establishments such as a Baby-Bull, Chardonnay Cocktail Lounge-Bar, Golden Skillet Fried Chicken, Café au Lait, Subway Sandwiches & Salads, Pizza Piazza, and a Hot Diggity Dog.

[24] Later on it also had tenants such as a Taco Maker Express, Time Out, Sabor Criollo, Burger King, and a Cinnamon Company.

[26] In May 1987, the mall counted with stores such as Roses Perfumes, Bathique, Martínez, La Favorita, Femenina, Detalles... y algo más, and many more.

[30] In the early 2000s, under the ownership of Commercial Centers Management the mall underwent renovations and expansions of which included redesigned interiors, a structured parking facility with capacity for more than 1,000 cars which was added for a total capacity of 3,000 parking spaces, an additional 48,000 square feet of retail space, and a 30,000 square foot expansion for a junior anchor then under construction.

Total investment was about $10 million, which included the anchor store and overall improvements to the mall's west entrance and surrounding parking area.

[33] In September 2011, after the closure of the Grande Supermarket at the mall Burlington Coat Factory took over the then vacant 70,000 square feet of space and inaugurated their 5th store at the time on the island.

On January 21, 2020, it was announced that negotiations were underway between the operators of the Santa Rosa Mall and the owners of the IKEA franchise to open the first full-service store in Puerto Rico at the 220,000 square foot former Sears building.

[36] On September 29, 2021, the new full-service IKEA store was inaugurated after an investment that exceeded $50 million and the creation of 550 direct jobs.