The theatre was owned by Paramount Studios, and its construction in 1964 required approval by the Federal District Court of New York to satisfy anti-trust laws.

The building was designed by George M. Aurelius, vice-president and general manager of Arizona Paramount Corporation, Henry George Greene, consulting architect to ABC Theaters,[1] W. E. (Bill) Homes, Jr., president of Homes & Son Construction Company, Ralph Haver, president of Haver, Nunn & Jensen, architects for Barrows Plaza, and Spero Kontos of the Los Angeles-based John Filbert Company.

The large, 16,500-square-foot (1,530 m2) facility featured dual colonnades flanking both sides of the theater; ten pre-cast white, columns weighing seven tons each.

The Cine Capri was the first multipurpose theater in the southwest specifically designed to project all film aspect ratios of the time, including Cinemascope, Vista-Vision, and Cinerama from its 70/35 mm projectors and stereophonic sound system.

[2] On March 31, 1966, Charlton Heston hosted a youth drama clinic in the theater auditorium for several dozen high school and college students.

Attendees included community leaders, city and state officials, the press, radio and television personnel, studio and distribution executives, and neighborhood merchants.

Also there were the architects, contractors, members of the trade and craft suppliers, the Phoenix Art Council and the Mid Town Rotary Club, the sponsors of the evening charity program.

In 1997, a year-long battle began between Harkins Theatres and the property owner over the decision to demolish the Cine Capri in favor of a high-rise office building.