Its was named after a lumberman from Quebec, Peter Anthony Prince, who came to the city in 1886 who founded the Eau Claire Lumber Mill. The Eau Claire and Bow River Lumber Company dug a channel that is now the lagoon for getting logs easily from Kananaskis which is closer to the Calgary sawmill where it became an island. Prince formed the Calgary Water Power Company to supply electric streetlights to the town using steam generators leading to the first hydro-electric plant near the east end of the lagoon. When he died, the City was purchased by the remaining family of Prince and developed it to a park land.
