A cultural icon of the city, it was built in 1862–1864 to the designs of the Italian architect Pietro Sampò and opened on 20 April 1864.
On 30 October 1861, the City Council accepted the citizens' proposals and unanimously decided to build a theatre and a theater club in the central square.
The construction costs of the theater were estimated at 60,000 drachmas, but in spite of controversy, a permanent roof replaced the wooden warehouses, clubs and cafes of Ermoupoli which had sheltered players since 1828.
During the Second World War, the theater suffered disasters which necessitated post-war interventions, altering the building's appearance.
The activities of the "Syros Apollon Theatrical Club" (founded in 1977) and "Souris Artistic Group" (1978), which showed films in the theater to stimulate the interest of the public, were very important.
Reconstruction works were completed in 2000 by architect Petros Pikionis, approved by the Ministry of Culture and under the supervision and with support from the Technical Services of the municipality.
In the central part of the main face, all of marble, the vertical axis with four pillars all over the height, bearing a shield, is strongly emphasized.
The decoration of the vouchers is simple, with light colours and frames with embossed rosettes in the center and gold plated jewelry at the corners.