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The Paramount was demolished in 1979, following a failed eleventh-hour attempt by private citizens to save it. The longtime owners felt the theater was too expensive to maintain, and had it flattened to street-level before it was turned into a parking lot.
Fortunately, parts of the old theater—the pipe organ, the marquee and neon sign, and the concrete statues—still exist, scattered about town in the hands of various individuals. A multi-level parking garage is about to be built at the corner of Third at Convention Streets, in place of where the Paramount once stood.