The Lacey Street Theatre is the finest Art Deco building in Fairbanks. The two-story concrete building rises to a four-story tower at the corner, which supports a vertical metal and neon sign, reading “Lacey St.” Incised vertical lines between the windows are complemented by horizontal lines stretching the length of the facade; the tower has this same ornament, as well as some zigzag decoration. The theater entrance was on Second Avenue, not on the corner; a standard marquee surmounts the theater entrance. The corner housed a bank.
One of Austin E. “Cap” Lathrop's string of movie theaters, the Lacey Street Theatre was constructed in 1939. B. Marcus Priteca, the Seattle architect who also designed the Fourth Avenue Theatre in Anchorage for Lathrop. designed this one. The interior, which was destroyed in a 1966 fire, was designed by Frank Zallinger and Frank Hollineck.
Rebuilt after the 1966 fire with minimal changes to the exterior, the building was renovated in 1970 with further interior alterations. The theater closed in 1981, but the building remains, an excellent example of the Art Deco style.