The century-old Palace Theatre, located in downtown St. Paul, was originally operated as a vaudeville theatre in 1916. The building was converted to a movie theater in 1920s, until it was shut down in 1984. Currently undergoing a $15 million renovation, when it opens the Palace will be the only theater in the Twin Cities devoted to contemporary music, with a planned capacity of 2,700 people. The Palace Theatre is owned by the City of St. Paul, and will be co-managed and co-operated by First Avenue and JAM Productions.