Property built by Antonio Leal Martín, with the plans of the architect Antonio Pintor. Inaugurated in September 1915, it will be one of the first spaces that will respond to the needs of the nineteenth-century society, demanding in its cultural demand. It will host all kinds of musical comedies, great operas and flower shows; also more popular events and festivals, bringing culture closer and more democratic. It will be the place where the first important film screenings will be held, mainly by the entrepreneurs José González Rivero and Juan de la Cruz Martín. This activity will continue until the 1960s.

The building has three floors to its facade, four inside. Its exterior is resolved with eclecticism and symmetry, with modernist elements such as the masks that act as corbels, the plant elements of balusters, capitals and friezes. The medallions representing Lope de Vega and Calderón de la Barca were added in 1931-32. The interior, spectacular, has the particularity of having a floor, in the stalls, capable of lifting from the slope to the horizontal, which allowed the celebration of dances. But it is the wall paintings that are most striking: seascapes and coastal landscapes, with a romantic atmosphere, surround the walls of the stalls; on the roof, a heavenly scene is combined with another one of manners. All of them are works by Manuel López Ruiz. They are completed with the twelve mural landscapes of the stalls, by Benjamín de Sosa y Lugo; and the eight canvases of the amphitheatre, representing the muses of the scenic arts and interpretation, by Manuel Verdugo Barlett.

The theatre languished over the years until it was acquired by the City Council of San Cristóbal de La Laguna in 1982. From that moment on, partial repairs to the building followed, until the drafting of a comprehensive rehabilitation project in 2000, and an extension to it in 2005 (an annexe was added), culminating in the execution of the works and its reopening in September 2008.