The plan and project of the modern shopping mall were prepared by Architect Ragıp Buluç. The foundations of the shopping mall, which was built entirely by Turkish engineers and workers with the Kutlutaş Construction Company, were laid in 1987 by the Prime Minister of the period, Turgut Özal. Its name was given by the people of Ankara in a competition. It is also an important tourism center due to its architectural structure and location. The opening of its new lighting was made by Recep Tayyip Erdoğan on June 12, 2011.

In 2014, demolition work began on the shopping mall section, was halted for several reasons, but a new structure was undertaken and constructed by Atakule GYO A.Ş. The new shopping mall, which was built in place of the demolished bazaar, was opened with fireworks on October 29, 2018.