In 1999, Pottery Barn renovated the interior, and the Colony now functions as a Pottery Barn retail outlet. The renovation project, overseen by Trammell Crow Co. and designed by Scott Partnership and Arcanum Architects of California, replaced the second and third floors with a vaulted ceiling and mezzanine display areas. Despite the conversion, the distinctive Colony neon marquee is still visible today; the color of the 38-ft-tall sign, however, was changed from red to grey.
As one of the stops on the self-guided walking tour of Winter Park, provided by the Winter Park Historical Association (WPHA), this theater represents the public's interest in movies during the 1940s. It dates from a period when Winter Park was economically and racially segregated. The Colony Theater is one of many buildings of historical interest in the Downtown Winter Park Historic District; the district was added to the National Register of Historic Places in 2011.