By the end of the 19th century, Oleksandriia had become an important cultural centre of the region. The city had its own theatre, which by the beginning of the 20th century was regarded as one of the finest provincial theatres in Ukraine. Its stage played an important role in the development of Ukrainian professional theatre.

Some of the greatest names in Ukrainian theatre performed here: Marko Kropyvnytskyi, Mariia Zankovetska, Panas Saksahanskyi, Mykola Sadovskyi and Ivan Karpenko-Karyi. It was also here that Hnat Yura, who would later become the founder of the modern Ukrainian Ivan Franko Drama Theatre, began his artistic career.

The theatre building was modernized several times, reflecting the technological ambitions of each era. One of its owners introduced electric lighting, and local tradition suggests that the first electric light bulb in Oleksandriia may have been switched on here. The theatre even published its own periodical, The Theatre Bulletin– a remarkable achievement for a provincial theatre at the beginning of the 20th century.

During the fierce fighting for Oleksandriia in December 1943, the building suffered extensive damage. It was later restored and converted into a cultural centre. A major reconstruction took place between 2016 and 2021, returning the building much of its historic appearance and restoring its place at the heart of the city's cultural life. Today, the concert hall accommodates almost 470 spectators. Its stage welcomes leading Ukrainian performers, musicians and theatre companies.

The theatre courtyard has also been transformed into a welcoming public space, hosting cultural and charity events. During the Christmas and New Year season, a large live Christmas tree is decorated here, while children can visit the residence of Saint Nicholas.