Originally constructed in 1928 and currently listed on the National Register of Historic Places, the theatre was severely damaged by record flooding in 2008. Eight feet of flood waters filled the main level of the building when the Cedar River crested. Schuler Shook was instrumental in the theatre's restoration that began in 2010 and ended with the grand re-opening in the Fall of 2012.

Schuler Shook provided architectural lighting design and theatre planning services for the restoration. The lobby and auditorium interiors were restored with historically accurate finishes and energy efficient lighting. Theatrical lighting systems include state of the art dimming and lighting to support a wide variety of performances.

The stage house was expanded to increase stage and wing space, outfitted with additional rigging to support larger performances. A new orchestra shell and forestage reflector was designed to integrate in to the theatre but still maintain the historic feel. A modern orchestra lift accommodates the historic Wurlitzer Organ. Modern audience seating updates were made while maintaining the historic aesthetics.

The Paramount is a Midwest gem, providing both historic integrity and modern day upgrades. With help from Orchestra Iowa, the region's premier symphony orchestra, the theatre thrives in the community once again.