Opened in 1900 as the Standard it was a showplace for the preforming arts featuring the likes of the Marx Brothers and other vaudville and berlesque performers. In 1941, after being closed of almost a decade, it was re-opened as the Folly Theater. In 1973 it again closed and was going to be torn down for a parking lot but thanks to the efforts of Joan Dillion and William Deramus III a delay ordinance was passed. Following extensive remodeling and restoration it was again re-opened in 1981. It is now on the National Register of Historic Places and protected.
Folly Theater provides accessibility in compliance with ADA requirements for an historic building of its era and is configured to provide barrier-free access to ground-floor auditorium seating, restrooms, and lobbies for persons with mobility impairments. The 2nd floor Shareholders Room is also accessible via a chair lift.