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In the summer of 1925, F. Scott Fitzgerald published “The Great Gatsby,” immortalizing his name in high school English curriculums around the country, right alongside his self-aggrandizing, titular protagonist.

96 years later, Fitzgerald’s masterpiece finally entered the public domain. From this public debut, multiple retellings, a handful of graphic novels, and even an unofficial Muppets adaptation emerged.

Most notable, though, were the announcements of two separate musical adaptations, both with star-studded casts and creative teams — one of which is currently running at Cambridge’s Loeb Drama Center through Aug. 3. Directed by Rachel Chavkin, with a book by Martyna Majok and lyrics by Florence Welch (of Florence + The Machine), “Gatsby” thrills audiences with its thematic sensibilities and reimagination of Fitzgerald’s classic novel, resulting in a musical that should not be missed.

In promoting “Gatsby,” the production includes the byline “An American Myth” — true to this claim, the audience does not see the titular character until well into the first act. Instead, the legend of Gatsby is built solely from the tales other characters spin about him. To this end, the musical attempts to mirror the unreliable narrator that it has inherited from Fitzgerald, with Nick (Ben Levi Ross) serving as the audience’s stand-in as he navigates his new surroundings. And when Gatsby (Isaac Powell) finally emerges at his party wearing a pink suit (in stark contrast to the monochrome color palette of the rest of the costumes), the payoff feels adequate.

Adequate, perhaps, but not entirely satisfying. Because most of Gatsby’s backstory is revealed before the conclusion of the first act, “An American Myth” then feels like somewhat of a misnomer. A superb Powell plays Gatsby with a desperation thinly veiled by bravado, but Gatsby is humanized quickly enough that it becomes evident what is being mythologized isn’t the man, but rather, the American Dream.

This does eventually work well within the plot of the production; Gatsby’s interactions with Daisy (Charlotte MacInnes) are so charmingly heartfelt that the audience cannot help but root for him. However, the drama of the reveal makes Gatsby’s initial appearance feel anticlimactic and takes up stage time the production could have used in fleshing out the many other themes it takes on.

Two of Chavkin’s previous works — her most recent “Lempicka” and the critically acclaimed “Hadestown” — feature industrialized hellscapes; in “Gatsby,” the same thread comes through. The creative team elects to expand the roles of car mechanic Wilson (Matthew Amira) and his wife Myrtle (Solea Pfeiffer), who provide avenues to explore the downtrodden working class.

Myrtle, in particular, is given a greatly expanded role than the one in the novel, creating a deeply sympathetic character that proves one of the most compelling in the show. The tension between her and Wilson helps bring home the cruel unreachability of the American Dream and Majok adds new details to their history, emphasizing the marital dissonance between the couple as Myrtle understandably wants out of the humble life that Wilson toils away to maintain.

The focus on industrialization, though, competes with the equally intriguing themes of obsession and the false promise of the American Dream. The balance of these themes is never quite achieved, and, as a result, the production occasionally feels disjointed. Majok thrives in constructing parallels between the sets of characters, which is especially compelling in the second act — the similarities between Myrtle and Daisy, as well as Wilson and Gatsby, make for some sublime scenes and provide an incredibly effective emotional core for the show. However, these parallels focus on the interpersonal relationships between characters and do not fully connect to the critique of the Roaring Twenties set up earlier, causing the production to lack a thematic coherence that could have been easily achieved.

For those wondering how Welch’s first foray into musical theater has fared, the Grammy-nominated singer has infused her signature indie rock style with a more jazzy influence expected of the 1920s setting of “Gatsby.” The songs are, by and large, gorgeously grungy — particular highlights include the opening number, “Welcome to the New World,” and Act II’s “America, She Breaks.” Welch’s lyrics function as a poignant critique of a sputtering American Dream, which, though stirring, stutters the pacing of the musical at times. The creative trio’s interests do seem aligned in investigating — and tearing down — the promise that hard work begets riches, but their directions diverge enough that the show sometimes feels overstretched.

Nevertheless, the sheer ambition with which the creative team tackles the themes of Fitzgerald’s book weave a rich and complicated tapestry that makes for a searing and unforgettable production. Nowhere is this more aesthetically evident than in Mimi Lien’s scenic design, permeated with allegory, such that every design choice feels like a metaphor.

Stairs are heavily featured in Lien’s staging, and the stage has been bisected vertically, with the orchestra scattered along the tiered upper levels. A staircase made of the hulking carcasses of twisted metal cars hints at the underbelly of Gatsby’s extravagant parties, and the infamous green light is ingeniously stationed off the stage and quite literally out of reach. Likewise, the silver fringe string that conceals the exits on the stage seem like a metaphor for the flimsiness of the glitz and glamor that characterized the 1920s, but the fact that it could just as easily belong to the backdrop of a high school prom’s photo booth detracts slightly from the gravitas of the set.

Even so, the overall effect is grand and imposing, and the actors breathe life into the creative team’s vision. Pfeiffer turns Myrtle into a compelling and sympathetic character, while Amira portrays Wilson with a heartbreaking earnestness. The result is an astonishing musical which, despite attempting to tackle a bevy of themes that academics have wrestled with for nearly a century, almost gets away with biting off more than it can chew.

99 years on, Fitzgerald’s “The Great Gatsby” has become nothing short of legendary. Only time will tell if Chavkin’s “Gatsby,” too, will join its ranks — with a few minor tweaks, it certainly feels within the realm of possibility.

“Gatsby” runs at the Loeb Drama Center in Cambridge through Aug. 3.

—Staff writer Angelina X. Ng can be reached at angelina.ng@thecrimson.com.