Originally laid down as light cruiser Dayton" (CL-78) on 29 December 1941 by New York Shipbuilding, Camden, New Jersey, the ship was reclassified CV-26 on 27 March 1942 and renamed Monterey" four days later, launched on 28 February 1943, sponsored by Mrs. Patrick N. L. Bellinger, and commissioned on 17 June 1943, Captain Lestor T. Hundt in command. It was the third US Navy vessel to be named after the Battle of Monterrey. Future U.S. President Gerald R. Ford served aboard the ship during World War II.