[5] The building became the subject of controversy in 1992 when then-owner 3201 Allen Parkway Ltd. indicated its intent to evict the Stages Theatre and the Children's Museum in order to develop the building into loft condominia in partnership with developer Gross Investments.

[5] The Children's Museum had long been planning a move to the Museum District anyway,[5] but Stages and its supporters protested that a move would greatly harm the theatre, and requested local-government assistance in buying the building.

[6] A few months later, the development deal with Gross Investments fell through, and 3201 Allen Parkway Ltd. offered to sell the building to Stages.

The City of Houston eventually purchased the building, after a controversial threat to use eminent domain powers to confiscate it, and turned it into a municipal arts center.

[8] In 2020, the property was acquired by Houston-based real estate firm Radom Capital and remodeled into boutique offices, restaurant and retail space.