The $1 million Paramount Theatre opened September 3, 1931. Designed by nationally renowned theater architects C.W. and George L. Rapp, the theater captures a unique Venetian setting portrayed in the art deco influence of the 1930s. It was the first air-conditioned building outside of Chicago, IL. The theater was commissioned by theater owner J.J. Rubens who, before construction, sold the company to the Paramount Famous Lasky Corporation.

When Paramount Pictures owned the design, they decided to build movie palaces all over the country, using this theatre as a prototype. For more than 40 years, the Paramount offered the public a variety of entertainment, including "talking pictures," vaudeville, concerts and circus performances.

In 1976, the Aurora Civic Center Authority purchased the Paramount and closed the theater for restoration. The $1.5 million project restored the Paramount to its original grandeur. On April 29, 1978, the Paramount Arts Center opened, offering a variety of theatrical, musical, comedy, dance and family programming.