Construction began in 2004 with the Elizabeth Quay station opening under the name Esplanade station on 15 October 2007, as the terminus of the Joondalup line. On 23 December 2007, the Mandurah line opened and through services commenced. On 31 January 2016, Esplanade station and the Esplanade Busport were renamed to Elizabeth Quay railway station and Elizabeth Quay Bus Station at an estimated combined cost of $700,000.
The opposition Labor Party criticised the costs given the state's poor finances.
As the street and building had to remain fully functional during the works, the construction sequence and site logistics were complicated. Therefore clever engineering solutions and sequencing is required to ensure that the general public are able to access all services and the highest standard of public safety is guaranteed. Close collaboration was extremely successful with a delivery that is ahead of schedule.