The $2.8 million project will host some traditionally staged productions, but it's lobby, auditorium, balcony and balcony lobby can be reconfigured for weddings or art installations.
Organizers like Vincent Insalaco intend for rental fees to support other art endeavors outside of the theater through an arts grant and scholarship fund.
He hopes that fund will reach a quarter of a million dollars in a few years.
The theater is the latest addition to an area that's becoming more and more financially important to North Little Rock.
With projects like Dickey Stephens Park, the River Rail and the Argenta Market, the Argenta District is now bringing in $200 - $300,000 for the city every year.
Mayor Hays says it all comes down to quality of life and with gas prices and other household costs rising, more people are looking to live, work and play in the same place.
He believes Argenta will only continue to benefit.
The new theater will begin it's opening weekend festivities on February 17th with the help of President Clinton, Actress Mary Steenburgen and Actress Joey Lauren Adams.