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The park was one of Vancouver's first lumbering operations in the late 19th century. The lake was the water source for the Hastings Sawmill, which was owned by industrialist John Hendry. In 1926, Hendry's daughter, who was married to then-governor of BC Eric Hamber, donated the mill property to the Park Board with the condition that it be named after her father.
In 1963, the Grandview Community Centre, located near Victoria Drive, was constructed. The community centre was renovated in 1977 and renamed Trout Lake Community Centre.
In 2010, the new ice rink and renovations were completed for the 2010 Winter Olympics as the training venue for figure skating, with contributions of $13.15 million from the Park Board, $2.5 million from the Vancouver Organizing Committee for the 2010 Olympics (VANOC), and $250,000 from the Grandview Community Association. However, the real cost of the ice rink is estimated at $15.9 million.