The foundation stone for the theater was laid 3 September 1894, a day after the centennial of the founding of
Odesa. The building was intended as the new stock exchange, or "New Exchange" to replace the old stock exchange, and the vast hall was decorated with six panels by the artist
Nikolay Karazin (1842-1908) which depict commerce throughout various stages of history. Like the
Odesa Opera Theater before it, a world
competition was announced for a conceptual design of a new Odesa stock exchange. The design of Czech architect V.J. Prohaska was considered the best. But this design did not meet all of the requirements, therefore it was modified and improved by
Alexander Bernardazzi. Construction was completed in 1898. Since 1924, the building has housed the Odesa Philharmonic. The theatre was damaged in a Russian missile attack during the
Russian invasion of Ukraine on 31 January 2025. == Construction ==