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The school was built by the PWA at a cost of $125,000 and opened in 1937. It was designed by Louis G. Hesselden, who was the architect for Albuquerque Public Schools at the time. Coronado operated as an elementary school until 1975, when it was converted to administrative use.
In 2006, with Downtown Albuquerque experiencing a resurgence and existing inner-city schools becoming crowded, APS began exploring the possibility of reopening Coronado. After securing funding for this purpose, the district embarked on an $8.3 million project to return the school to service. This included restoring the main building to its original appearance and making it ADA-compliant, as well as adding a new gym, cafeteria, library, media center, and playground. Coronado Elementary officially reopened for the 2009–10 school year on August 24, 2009.