It is regarded as one of the finest designs by architect John Eberson, as the sheer opulence and intricate craftsmanship that went into the theater made it a showpiece in and of itself.

The Paradise Theatre's demise came in 1956, when Balaban and Katz closed the theater, demolished the building and sold the land to be developed as a supermarket.

The theater that was "built to stand forever" almost lived up to that claim: what was estimated to have been a six-month demolition job ended up taking two years.

Much of its notability is due to the Chicago-based rock band Styx's highly successful 1980 album Paradise Theatre.

Lead singer and keyboardist Dennis DeYoung described the concept album as a fictional account of Chicago's Paradise Theatre from its opening to closing (and eventual abandonment), serving as a metaphor for changing times in America from the late 1970s into the 1980s.