Central Park in Fremont contains over 440 acres of various recreational land.  The 82 acre Lake Elizabeth is included within the 174 acres of lands owned by Alameda County Flood Control and Water Conservation District and Leased to the City of Fremont under a license agreement that the land be used as a park and recreation facility.  In addition the City of Fremont owns about 266 acres of surrounding lands.  The park is bordered by Paseo Padre Parkway, Stevenson Boulevard and the Union Pacific Railroad.

Lake Elizabeth was created by excavation of part of Stivers Lagoon Marsh in 1968.  Stivers Lagoon is one of a number of freshwater marshes along the east side of the Hayward Fault, formed as a sag pond as a result of geologic tectonic movements along the fault.  The marsh is primarily fed by Mission Creek and several other creeks also feed the area.  

Created by geologic and hydrologic processes this area, for over 24 years, has been used as flood control and recreation due to the natural beauty of the area.  The gentle elevation varying between 60 and 70 feet above sea level make for a gradual incline perfect for recreational use.  This area also lies within the the 100 year floodplain meaning that portions of the park during times of large storms could flood. 

Lake Elizabeth and adjacent park lands provide extensive recreation opportunities, wildlife habitat, and flood storage for the surrounding area.  Recreation activities include boating, fishing, jogging, swimming, walking, soccer, baseball/softball, tennis, and wildlife observation.