The original theater was built in 1947, was submerged six feet below the surface and held 18 people. The first underwater show was on October 13, 1947. It was later modified in the 1950's to hold a few more visitors. The theater was finally torn down in 1959.
Florida Memory is funded under the provisions of the Library Services and Technology Act, from the Institute of Museum and Library Services, administered by the Florida Department of State's Division of Library and Information Services.