The six-story corner building in Žižkov was originally intended, much like Radiopalace, to serve as a venue for cultural events. Rudolf Svoboda became both the owner and architect of the building, aiming to create a structure in close proximity to Královské Vinohrady that would house a theater hall, a café, and residential spaces for the upper middle class. However, due to financial reasons, he had to sell the building shortly after its opening, and over the years, the palace underwent many changes. The most significant transformation occurred in the 1990s when a major reconstruction took place. The restaurant was reopened, followed by a multifunctional hall that now serves theater, music, and other productions.
The facade of Akropolis Palace features an unconventional olive green color, complemented by Rondocubist shapes and blue, yellow, and red details.