The mall opened on October 7, 2005. Although "coming soon" signs first appeared in 1984, actual construction did not begin until early 2003. It was completed in 2005 and is owned by the Simon Property Group. Unlike a traditional mall, Firewheel Town Center was designed in the new urbanism style. Similar area shopping centers include Southlake Town Square, The Shops at Legacy, Uptown Village at Cedar Hill, The Shops at Highland Village, and The Village at Allen.
The Firewheel name comes from the nearby Firewheel Golf Park, which in turn is named for a flower that grows naturally in the area.