[3] Initial plans for the park were conceived by civic leaders in the late 1970s to capitalize on the city's amateur sports economic development strategy.

[1] Bipartisan support from state legislators and seed money from corporate partners led to the organization of a quasi-governmental commission to oversee the park's planning and operations.

[5] Since, several proposed attractions have been considered, including an Indiana African American History Museum,[6] seasonal ice skating rink,[7] tethered balloon ride,[8] amusement park,[9] and public beach.

Sidney Weedman, the commission's executive director, explained that the commissioners feared that groups wanting to preserve the school would tie the issue up in court for several years, preventing progress on the park.

[13] In December 2020, officials announced that the park's footprint would expand by 10 acres (4.0 ha) as part of a $100 million public-private partnership between the State of Indiana, City of Indianapolis, and Elanco to redevelop the neighboring General Motors site to the south.

[14] The new parkland will hug the west riverbank and incorporate a portion of the former plant's preserved crane bay, designed by industrial architect Albert Kahn.