In 1938, the City of Chicago acquired this property in the North Center neighborhood through a settlement with the Policemens' and Firemens' Death Benefit Fund. By 1950, the city had transferred the site to the its Bureau of Parks and Recreation, which improved it with a spray pool, a sand box, and a gravel-surfaced playground. Following its general practice, the bureau named the site for adjacent Hermitage Avenue. In 1959, the city transferred the property to the Chicago Park District, along with more than 250 other properties. The park has been rehabilitated over the years, most recently in the 1990s, when the park district installed a new soft surface playground and planted additional trees.

In 2004, the park district renamed the site in honor of Helen Zatterberg as part of an initiative to recognize the achievements of significant Chicago women. Helen Zatterberg (1902 – 2002) was a librarian devoted to educating the community about its history, preserving the area’s historical sites and archives, and establishing historical collections relating to Chicago’s north side. After graduating from Lake View High School, Helen began working in the Chicago Public Library system. She eventually rose to the position of North Side Regional Librarian, responsible for the management of libraries in the area north of North Avenue. At Hild Library she began in 1931 to collect archives, documents, and books related to the history of the north side. In 1935 Helen founded the Ravenswood-Lakeview Historical Association, a public-private partnership that continues to be active today. The public still actively uses the historical collections established by Zatterberg. In recognition of her contributions, the The Ravenswood-Lakeview Historical Association, which suggested renaming the park for Helen Zatterberg has an annual award in her honor. Helen Zatterberg lived near Leland and Wolcott avenues less than a mile from the park.