This large structure is on the largest street in Fallingwater, Carter Street. Many of the plays and other theatre productions are performed in The Grand Playhouse. It is also guild house to the Society of Joyous and Sorrowful Comedians, Rapturous Playactors, Graceful Dancers, and Melodious Songsters. The citizens of the city call it the "Society."

The building is five-sided and three stories tall. The side furthest from the street is the stage, the others are balcony seating for the audience. The stage floor is wooden and raised three feet above the ground. It is filled with trap doors and other stage gimmicks. The walls behind the stage are similarly built.

The two adjoining structures house offices, apartments for guildmember actors, storage, and so on. A network of passages, storerooms, and miscellaneous chambers below the street. Admission for the courtyard floor is one gold coin for most productions. The second floor balcony costs a silver coin, and the third a copper coin. When a nobleman's play is presented, the fees are set much higher and the courtyard filled with seats.

The guildmaster is Samous, nicknamed Sinuous. He is a multitalented man, able to sing, dance, and act. he is also adept at sleight of hand. Clever and boastful, Samous is always the center of attention and the life of the party. he has a weakness for aspiring young actresses.

Rumors abound regarding mysterious goings-on at the theatre. Many claim that ghosts of frustrated actors, tragic actresses, and failed playwrights haunt the structure, while others tell stories of undead or creatures of similar unsavory nature shuffling below ground on unnamed errands. The fact is that there is a passage reading to the Spire of Feymar, and the shuffling sounds are errands of servants of the Spire of Feymar and the Veiled Lords of Fallingwater that do not want to be seen.