Built in 1923, the theater was constructed with an adaptable stage that allowed it to show early motion pictures as well as live performances.

After an extensive renovation, the theater reopened in 2008 as The National, serving as a live music and performing arts venue.

[3] The theater opened on November 11, 1923 with a showing of Thomas Ince's film Her Reputation, which was attended by a crowd of 2,000 that included the governor of Virginia and the mayor of Richmond.

[3] The National received a 1968 renovation that rearranged seating in the auditorium's balcony, covered the orchestra pit, and painted over much of the intricate plasterwork.

[3] The theater was sold in 2006 to a company that completed a $15 million renovation, and in 2008 it reopened as The National and is used as a 1,500-seat performing arts and music venue.