The brothers decided to tear the building down in order to construct a bigger one to house their growing business. The result was a multi-purpose building; it had offices, a steamboat passenger terminal, a general store, and, of course, the theater. William loved theater and considered it necessary for a thriving community.
After William died, the theater continued to host performances until 1920. However, it was not as thriving as it once was under William's leadership. The offices and the store continued to be used for another decade or so before the building started to be used for storage by the State Highway Department in 1943. The building was threatened with demolition in the early 1950s (it was condemned unsafe), which prompted efforts to save and revive it.
Goodspeed Musicals was established in 1959 and spent the next four years renovating the building. Work was finished in 1963 and the building was dedicated on June 3rd. Nineteen productions created at the Goodspeed went on to Broadway and the theater has received two Tony Awards. In 1984, Goodspeed opened another venue called the Norma Terris Theater in Chester.