In 2003, the non-profit Coral Gables Museum Corp. was formed under the leadership of the City of Coral Gables to direct and operate a museum in the Old Police and Fire Station. In 2008, work began in earnest on the restoration, renovation and expansion of the 1939 WPA building, listed on the National Register of Historic Places. The architect Jorge Hernandez together with Dooley Mack Constructors led the historic preservation project. On October 10, 2010 (10-10-10), Museum staff occupied the building and reopened it to the public. In November 2011, the Coral Gables Museum unveiled the inaugural exhibits and began its first year of full operation. In 2013, the Coral Gables Museum became the Official Visitor Center for the City Beautiful.

The Museum is a true public/private partnership between the City of Coral Gables and the Coral Gables Museum Corp., a private, not for profit 501.c.3 corporation operating an educational cultural institution within a City owned facility.  The Museum raises its own operating budget to fund the exhibitions and educational programs it provides, through memberships, private and government grants, admissions, earned income and, most importantly, with contributions from community members who believe in our mission.