It had been purchased then renovated during 1909-1910 by local prominent businessman Harker Brentnal Spensley Sr. and his partner, C. H. Eighmey.

Constructed in a Renaissance Revival style with French influences, it was later renamed the RKO Orpheum and used to show movies.

A committee made up of concerned citizens began a fund drive to save the theater, which was incorporated in the Five Flags Center project in 1972.

It is currently the home of the Dubuque Symphony Orchestra, high school musicals, and occasional concerts and ballet productions.

The Iowa Power, an indoor football team, started negotiations to play at the arena in August 2024.