At one time, there were a great many theaters in Louisville, and of course, entropy being what it is, most of these beautiful places have been destroyed by some not-so-beautiful humans.
Case in point: the Rialto, which did a splendid business at 616 S. Fourth Street from 1921 to 1968. It was demolished in 1969 and turned into a parking lot, just like in the song. With its imported European crystal chandeliers, dazzling white marble staircase, walls covered in Rookwood tiles, enormous Pilcher organ, and breathtaking facade in the Italian Renaissance style, it was something truly marvelous to behold.
Reportedly, the last film to play the Rialto was Doctor Dolittle.
