Built beginning in 1941 and completed in 1947 after a halt during World War II, somewhat after the heyday of these styles, it was a large 960-seat first-run theater until the 1980s.

The main house was decorated with silver and gold murals by Anthony Heinsbergen and Frank Bouman of Los Angeles, and a rendering of the Big Dipper (a symbol of Alaska) on the ceiling.

[4] When the Anchorage Assembly voted to prohibit the City to act as the loan guarantor, Rasmuson Foundation rescinded the award offer.

[5] In a press conference on May 17, 2022, Anchorage mayor Dave Bronson announced his support for a near-complete redevelopment of the entire city block including the theater building.

The proposal would include demolition of the theater building by owner Peach Holdings, LLC, which owns all but one corner parcel on the block between Fourth and Fifth Avenues and F and G streets.