Having replaced the former Estádio José Alvalade (1956), it is the center of a complex called Alvalade XXI (which includes a mall called Alvaláxia with a 12-screen movie theater, a health club, the club's museum, a sports pavilion, a clinic, and an office building), designed by Portuguese architect Tomás Taveira.
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The architect who designed the stadium was Tomás Taveira, who also designed stadiums for Euro 2004 which include Beira Mar's Estádio Municipal de Aveiro and Sporting's Estádio José Alvalade.