In June 1998, Memphis-based Belz Enterprises reported that it had broken ground for Puerto Rico's first enclosed factory outlet mall at a site in Canóvanas, 15 miles east of San Juan along Highway PR-3.

Combining outlet shopping with restaurants and entertainment components, the mall would consist of five connected buildings with different streetscapes depicting Old San Juan.

Andrew Groveman, president of Belz's Factory Outlet Division in Tennessee described the new mall as bringing "convenience" and "comfort", and being "easy to reach" and "widely visible".

[8][9] On October 13, 2005, Belz reported the sale of the mall to locally owned Caribbean Airport Facilities (CAF) for an undisclosed amount.

Among CAF's plans for the outlet center was the development of out-parcels next to the mall, and an investment of almost $70 million to build a Holiday Inn hotel and a recreational park.

[11] The mall experienced the positive effects of the recent addition to PR-66, or the Roberto Sanchez Vilella Expressway, a 3.8-mile extension from Canóvanas to Río Grande, which was inaugurated in October 2012.

Aside from removing the Old San Juan facades, the mall received new floors, new entrances, and a permanent exhibit of sculptures made out of car parts.

This included the new K1 Speed & CXC Simulator Experience, an indoor electric carting complex for children and adults which was a first in Puerto Rico and the Caribbean; an eight-lane bowling alley; an arcade; and a new restaurant with capacity for 380 customers.

[13] In March 2022, Atlanta-based fast-food burger chain Krystal announced the opening in Puerto Rico of its first international franchise-owned restaurant, planned for November 22 of that year.