The theater was founded in October 1984 as Alias Stage by seven members of the graduating class of Trinity Rep Conservatory. They performed at the Riverside Mills in Providence's Olneyville neighborhood, but that space was destroyed by a fire on December 18, 1989. Alias reopened at the Atlantic Mills with a production of "The Dragon" on January 18, 1990, immediately adjacent to the Riverside Mills. The group moved to a semi-permanent garage space in the Providence Jewelry District in 1994, backed by a board of directors.
Their 34th season, in 2018–2019, was the first full season after relocating from Pawtucket to their new, permanent home on Jefferson Boulevard in Warwick at the old Ocean State Theatre building. A renovation is underway while they still produce their 35th season in 2019–2020, using elements of the original building fused with newer elements and technology to upgrade the theatre.