Albany's mayor said protecting downtown historic buildings is important for downtown redevelopment.
Last week, Albany's historic old theater caught fire.
The building sustained significant damage.
Mayor Dorothy Hubbard said the building itself will require a large financial investment to bring it back to life.
"We really do want to renovate that because it is such a historic building. We just couldn't find a partner. That really needs to be, in my opinion, a public private partnership," said Hubbard.
Homeless people were inside the building when the fire started.
One man died from smoke and soot inhalation.
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