William Goodspeed built The Goodspeed Opera House in 1876 to provide a locale for his love of theatre and for his shipping and banking business. The opera house opened on October 24, 1877.

Subsequent to Goodspeed's death, the opera house first served as a military reserve base during WWI, next it operated as a general store then it served as a storage depot for the State of Connecticut Highway Department. Goodspeed Musicals restored the building, and the Goodspeed Opera House was rededicated on June 18, 1963.

Since 1968, under the direction of Michael P. Price, Goodspeed has achieved international acclaim as the home of musical theatre.