It was legally organized by Arthur Rubloff, who is also credited with coining the phrase "Magnificent Mile" describing the upscale section of Michigan Avenue north of the Chicago River to Oak Street.

Rubloff secured the funding for the Evergreen Plaza from the Walgreen family who lived nearby in Beverly, Chicago.

The center also contained a Jewel supermarket, which featured a conveyor belt that carried groceries from the store to a parking lot kiosk.

Shortly afterward, Village of Evergreen Park officials submitted proposals for Target to open in the former Wards; however, these deals fell through.

Following 2008, the mall began to gradually diminish as patronage numbers decreased, leading to the chronic closure of many of the original stores.

Planet Fitness signed a 10-year lease to reside in the Plaza in 2011 in the original Walgreens space and began operation in November 2011.

The mall was scheduled for demolition in July 2013, to be replaced by an outdoor shopping center (which the Plaza once was during its first 14 years).

Two development companies, Debartolo LLC, based in Tampa, and Lormax Stern, a developer from a Detroit suburb, came together to reach a deal to demolish the existing property to build a new outdoor mall that will feature 30-40 brand new stores including Burlington and Whole Foods.