The Hippodrome was the second theatre of that name in downtown Miami. It opened around 1915 and operated under the Hippodrome name until 1930. It reopened as the Rex Theatre in 1931. The Rex closed in 1947, a new building was built and it became the Florida Theatre in 1948 with an address change to 205 E. Flagler Street. The Florida operated until 1974 when it closed permanently.
The photographer of this image was Richard B. Hoit. Note the Australian Pines growing on Flagler Street.