[2] In the Paramount's 100-year history, it has played host to a wide variety of acts ranging from vaudeville, musicals, legitimate theater, and movies,[3] including premieres of such films as 1966's Batman.

[4] The four-story theater was built by Ernest Nalle, who commissioned architect John Eberson to design the building in January 1915.

In 1975, proprietors John M. Bernardoni, Charles Eckerman, and Stephen L. Scott formed a nonprofit group to restore the building, which was in deteriorating condition.

[6] In 1976, the theater's listing on the National Register of Historic Places qualified the venue for federal restoration funds.

Renovations began in September 1977 following a $1.85 million grant from the federal government, which was also used to spur economic development in Downtown Austin.