The developers, Joe Graves, William Moore and former Governor Louie Nunn, were seeking $15 million in tax-free housing bonds to construct 156 apartments. In October 1985, the Urban County Council approved a $15 million housing bond issue for the towers.
The project would have cost $18 million; the developers would contribute $1.8 million. The name of the project is derived from a theater that once stood at the corner of Main and Limestone. It was constructed by James Ben Ali Haggin who constructed the theater in 1913 as a "tribute to his wife." It was demolished in the 1960s in favor of a parking structure.
The high-rise would have also included an attached two-story structure that would have fronted Main Street, containing retail shops, a convenience store, and a restaurant.
Today, the site is home to the Fayette County Courthouse complex.