The Folly opened in 1900 as the Standard Theater, a vaudeville house with 2,400 seats. Like many theaters from this era, The Folly changed names and ownership multiple times, experiencing numerous closures along the way. In 1974, the theater faced demolition until a non-profit organization was formed to save it from becoming a parking lot.

Since its reopening in 1981, The Folly has undergone several enhancements, including reducing its capacity to 1,078 seats. Today, the theater is renowned for its superior acoustics and elegant architecture, hosting a variety of events each year with a focus on jazz and children's programming.

A 2021 update to this beautiful space included the installation of Irwin's New Amsterdam model No. 83.6.150.8 seating. These seats feature solid scrolled hardwood arms, concealed aisle lights, and cast aisle panels that complement The Folly's interior. The powder-coated surfaces are black, while the maple wood components are finished in a custom stain. The backs and seats are upholstered with Mayer Plaza Indigo velour.

Architects: Louis S. Curtiss, Herbert J. Krapp