19 Avenida Ponce de Leon,
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Previous Names: Teatro Olimpo
Along with the Metro Theatre and the Riviera Theatre, this was one of the most architecturally interesting Santurce theaters. It was built in 1922 as the Olimpo Theatre and was remodeled in the early-1930’s in Art Deco style. Renamed the Paramount Theatre, it was a prestigious first run movie theater.
In the 1960’s while many movie theaters became part of chains, the Paramount remained independent. This meant that it didn’t play many of the major movies, but it did play some great B-grade films, including "Texas Chainsaw Massacre" and "Gumball Rally", among others.
In the mid-1970’s it was bought by United Artists Theaters and was turned into a triplex. It remained a well attended theater. But in the 1980’s, UA seemed to lose interest in the theater and it became a rundown, depressing place. Attendance became very low, until it was closed in 1999.
That year it was bought by Caribbean Cinemas, as part of its purchase of all of Puerto Rico’s UA theaters. Everyone thought it would be renovated and that the Paramount Theatre would return to its old grandeur. But it seemed Caribbean Cinemas was really not interested in the Paramount Theatre.
As of December 2008, the Paramount Theatre was, unfortunately, demolished, and all that remained of the theater was the facade.
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