It's considered the foundation for downtown revitalization.
But right now it sits mostly vacant.
Recently a restaurant has left the Paramount Building and some office spaces will soon be empty as well.
For years the news has been good for the Paramount Building.
The original sign has been put back on the building, and the space has been converted into restaurants and offices.
But if you drive past it today, the Paramount may not look as full as downtown revitalization proponents would hope.
With the recent sale of the Amarillo Dusters to Gorillas owner Randy Sanders, the Dusters main offices will be leaving the Paramount Building.
What once seated over 14 hundred people for a movie, has transformed into a multi-use building, but many recent tenants have left.
"The Paramount Building is a great space, but it doesn't have any store front," said Sanders.
McCartt and Associates owns the building, and the company says the vacancies don't worry them.
"We're sure not concerned with it having a vacancy that will take care of itself very shortly," said Joe Bob McCartt.
McCartt says his company is speaking with several companies interested in moving into the paramount.
It's been a process the company has had a long term plan for.
"We're trying to reposition that building where instead of 100 percent office the upstairs is commercial office and the downstairs is retail," said McCartt.
Since downtown revitalization is still a maturing practice in Amarillo McCartt says it's a process to find companies and restaurants that work in the right places.
"I'm not at all concerned. I mean when everyone found out the previous tenant was leaving we started getting phone calls from very very qualified people," said McCartt.
Many people still see the Paramount Building as an icon in revitalizing downtown.
McCartt says within the next few weeks he'll announce what will replace the vacant restaurant.