Troy, N.Y. — Rensselaer Polytechnic Institute today announced the purchase of the historic Proctor’s Theatre building located at 82 Fourth Street in downtown Troy.

“This project that Rensselaer is facilitating perfectly blends the desire to bring the Proctor’s Theatre building back to life with the need for additional specialty hotel facilities in the region,” said Rensselaer President Shirley Ann Jackson. “The goal is to develop a high-end hotel that will provide economic and community benefits to the city of Troy and to the surrounding area.”

“The Proctor’s Theatre building is a community treasure that celebrates the best of downtown Troy,” said Senate Majority Leader Joseph L. Bruno. “The purchase of this historic building, facilitated by RPI, will not only help restore Proctor’s glorious past but will also serve as an important catalyst in the economic revitalization of the entire Troy community. I am extremely pleased to see that this project is off to such a great start.”

“This is exciting news that will facilitate the long-talked-about redevelopment of the Proctor’s building,” said Troy Mayor Harry Tutunjian. “We’re hopeful that Rensselaer will be able to attract a reputable developer who will be able to restore the Proctor’s building to its vibrant past.”

The Proctor’s Theatre building was purchased by Proctor Hotel Limited, a wholly-owned subsidiary of Rensselaer Polytechnic Institute, from 1888 Hudson Realty LLC (Ali Yaghoubi). The purchase price is a cost-reimbursement agreement that takes into account preliminary repairs completed on the building after it was purchased by Mr. Yaghoubi in the fall of 2000 that effectively maintained the building for future development.

According to the “Friends of Proctor’s Theatre” organization, Proctor’s Theatre was constructed in 1914 as the newest link in a chain of theatres owned by F. F. Proctor. Although a separate building, the Proctor’s Theatre is linked to the adjacent office building constructed at the same time. Proctor’s began as a “high-class vaudeville” theater and eventually started showing movies. In its heyday, Proctor’s Theatre showcased such stars as Jack Benny, Bob Hope, and Jimmy Durante. It closed in 1977.

The purchase of the Proctor’s Theatre building is part of Rensselaer’s ongoing “communiversity” efforts toward the revitalization under way in the City of Troy. Over the last five years Rensselaer has moved faculty, staff, and students into offices, research facilities, and incubator space in the Hedley Building, Gurley Building, and Rice Building, all in downtown Troy. More than 30 homes have been purchased with assistance from Rensselaer’s Homebuyer Incentive Grant program. And Rensselaer has funded $3 million in streetscape improvements under way on city streets surrounding the campus.