Analysis Points to Significant Impact on Our Local Economy...
PPAC, Inc. has worked with leading consultants in the arts & entertainment industry to develop plans for our vision. This includes working with Martin Vinik Planning for the Arts LLC to assess the theatre's needs and to conduct an economic impact study as to how the development of a fully-realized performing arts center will affect our local economy. Mr. Vinik has decades of experience in the arts and entertainment industry, and has been involved in dozens of development projects for performing arts and educational institutions nationwide (including experience locally in the redevelopment and expansion of Proctors Theatre in Schenectady). Regarding PPAC's proposed vision for the Palace, Mr. Vinik's findings include...
•The project will create a one-time economic impact of over $125 million. At least $35 million of the total project cost will be spent locally.
•225 full-time equivalent jobs will be created over the projected three-year construction period, creating considerable employment opportunities for local residents.
•Upon completion, an on-going indirect economic impact on the community of over $10 million annually will be generated.
•Additional programming in the new performing spaces and expanded stage house will increase the number of visits to Albany generated by the Palace to over 500,000 patrons annually.
•Given these factors, it is reasonable to assume that PPAC's vision for the Palace, both during its construction and following its completion, will be a boon to the local economy, and will have significant on-going impacts, catalyzing further commercial and residential development in our Capital City and the greater region.