In the seventeenth century the site of the theatre was a patio equipped with a stage for putting on plays and covered boxes for the audience.

The patio was covered in the eighteenth century, and the Plaza de la Comedia lasted until 1856, when it was proposed to replace the now-ruinous building with a new theatre.

It has two levels, each with three arches, and a pediment that holds a medallion with the likeness of Lope de Vega sculpted by Ponciano Ponzano.

In August 2008 the president of the bank confirmed that they had received an offer to buy the theatre and convert it for use as a gaming room.

[2] In August 2008 the mayor of Valladollid, Francisco Javier León de la Riva, said he was confident that work would be started to undertake a major restoration for the listed building.