The University theatre opened in 1949 with 1300 seats and one screen. The first move it played was Jon of Arc.
The theatre had a marvellous lobby and a lounge. It was given the name `Famous Player`s Finest Post-war Theatre, and once you have a look at the pictures you`ll understand why. Designed by Eric Hounsom along with architect Kaplan and Sprachman the theatre was described as being “one of the warmest and most luxurious yet` according to the Star. The Facade represented how film spools through a projector hence the wavy look to the outside.
The theatre was closed even though there was a large public outcry the mayor at the time, Eggleton, even fought for it to stay alive. However, it could not be saved. The Ontario Historical preservation board didn`t even intervene because there was no apparent historical significance. In 1986 the theatre was demolished and the facade was the only thing that remained. The reason for the theatre`s demise was because single screen theatres were not as popular as multiplexes. When it closed Famous Players said it would open a multi screen theatre in its place, however, we know that never happened.