Albany May Sell Its Palace

The Palace Theatre in downtown Albany, N.Y., may change ownership from the city to the nonprofit that operates it, if a proposal for a $750,000 payment for 30 years of ownership is approved.

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The 2,807-capacity theater has been around since 1931 and regularly hosts music, film and comedy events. Palace Performing Arts Center Inc., the organization running the venue, is trying to move forward a plan that would see $65 million in renovations to the theater. In order for those changes to become a reality, the theatre board would need to take ownership from the city, and has put forward a proposal to make that happen.

The proposal appraises the value of the hotel between $650,000 and $1.1 million, Palace Theatre Executive Director Holly Brown told the Times Union.

The plan reportedly includes construction of a second theater next to the Palace and expansion of the existing building’s capacity. Theater management has purchased adjacent properties in anticipation of the renovations. The project will reportedly be funded by grants, tax credits, donations and other sources. The deal is supported by the mayor and local labor unions, but the change in ownership must be approved by city leadership.