In the south-east of the square, the cloth factory buildings were converted into the Königstädter Theater by Carl Theodor Ottmer at a cost of 120,000 Taler. The foundation stone was laid on August 31, 1823 and the opening ceremony occurred on August 4, 1824. Sales were poor, forcing the theatre to close on June 3, 1851. Thereafter, the building was used for wool storage, then as a tenement building, and finally as an inn called "Aschinger" until the building's demolition in 1932.