Palace Theatre Announces $65 Million Renovation and Expansion
The Palace Theatre presented its vision for a $65 million renovation and expansion project designed to further elevate arts and entertainment in the community, and position the historic theatre as a unique gateway to downtown Albany, NY. The news comes after, over the course of a few months, the arts and entertainment venue purchased eight properties.
Building out the Palace's current footprint along N Pearl Street, the project includes the addition of a 600-seat theatre, community and educational space, and a video post-production center. Renovations will also take place in the main theatre to expand and enhance the current stage, lobby, box office, and backstage areas. In total, the expansion is anticipated to have a $125 million economic impact on the community and produce an estimated 225 full-time jobs during the three-year construction period.
The Downtown area is expected to see its annual economic impact more than double to $10 million as a result of the project upon completion, according to a press release, with the venue drawing more than 500,000 patrons to the central business corridor each year.
The announcement follows a period of significant growth for the Palace; over the past four years, the organization has increased the number of shows by 53%.
