The building was constructed in 1927–28 for Václav Stýblo as a mixed-use development comprising offices and flats, as well as a cinema, theatre, café and shops. It replaced two earlier houses on the site. The dance café on the first floor was originally called Boulevard and was later renamed Alfa, in keeping with the cinema. As a result, many Prague residents began referring to the building as the Alfa Palace (Palác Alfa) rather than U Stýblů.
In 1948, following the wave of nationalisations introduced by the new Czechoslovak communist government, the property was confiscated from the Stýblo family.
The building was listed as a cultural monument in 1958 and underwent its first renovation in the 1960s. After 1989 it was returned to the family, and a second modernisation was begun, although this was never completed. Today, the building stands largely vacant, with the exception of the ground-floor premises. It is currently owned by Ondřej Stýblo.
From a cultural and historical perspective, the building is notable as the venue for the premiere of the Czechoslovak film Tonka Šibenice in February 1931. Although originally shot as a silent film, it was subsequently released with synchronised dialogue and is therefore regarded by some historians as the first Czech sound film.
The Nové divadlo, founded by the actor Oldřich Nový, was established in the basement with seating for 260. It functioned as an experimental theatre until it was banned in 1948. In the 1960s, the same premises housed the Semafor Theatre, which played an important role in fostering the cultural atmosphere that contributed to the Prague Spring.
Some old pictures are on this website.